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Flashcards in 3rd Six Weeks Deck (35)
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1

A system that relies on customs, history, and time-honored beliefs.

Traditional Economic System

2

A system where the laws of supply and demand direct the production of goods and services.

Market Economic System

3

An economic system in which the government makes economic decisions rather businessness and consumers.

Centrally Planned Economic System

4

A system that combines characteristics of market, command and traditional economies.

Mixed Economic System

5

The amount of goods and services that are available for people to buy compared to the amount of goods and services that people want to buy.

Supply and Demand

6

Anything of value that people own.

Private Property

7

The monetary reward business owners receive in return for taking the risk involved in starting a business.

Profit Motive

8

The split between the capitalist class, which own the business, and the working class.

Two-Class System

9

The rivalry between companies selling similar products and services.

Competition

10

The amount of money that a company actually receives during a specific period.

Revenue

11

Any costs incurred in the ordinary course of business.

Expense

12

The difference between sales and cost of goods sold.

Gross Profit

13

What a nation has when it’s the only source of a particular product or it can make more of a product using the same amount of or fewer resources than other countries.

Absolute Advantage

14

What a nation has when a it can produce a product at a lower opportunity cost compared to another nation.

Comparative Advantage

15

Determined by subtracting the value of its imports from the value of its exports.

Balance of Trade

16

When a country sells more products than it buys.

Trade Surplus

17

When a country buys more than it sells.

Trade Deficit

18

The difference, over a period of time, between the total flow coming into a country and the total flow going out.

Balance of Payments

19

The exchange of goods and services between countries.

International Trade

20

Also known as internal trade or home trade, is the exchange of goods within the boundaries of a country.

Domestic Trade

21

Buying goods and services from other countries.

Import

22

Selling products to other nations.

Export

23

The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.

Economy

24

The item actually being sold.

Product

25

The value that is put for a product.

Price

26

The point of sale.

Place

27

The activities undertaken to make the product or service known to the user and trade.

Promotion

28

The objects of a person's ambition or effort.

Goals

29

Things you are naturally good at.

Talents

30

Things you've acquired through training and practice.

Skills