click below
click below
Normal Size Small Size show me how
RiverRidgeEcon
Vocab
Question | Answer |
---|---|
Definition of Free Enterprise | The right to start a business and own property |
What are the benefits fo free enterprise? | Choice of Products, choice of Spending, and choice to start a business |
What ways do people use land? | For growing crops, for building ciites, for raising animals |
How did Thomas Edison benefit from the free enterprise system? | He was an inventor. Free enterprise encourages people to create inventions or start businesses to make a profit from their ideas and work. |
Give an example of a renewable resource | Trees |
Give an example of a non-renewable resource | fossil fuels |
Givec an esample of natural resource | water, salt, oil |
Give an example of a product businesses sell that are natural resources | bottled water, natural gas |
What type of natural resource is important in making electricity? | Fossil fuels |
Why are natural resources important? | People use natural resources in many ways: as food and drink, as building materials, and as power sources for lighting and heating homes. |
The decisions about how and who will get resources and items | Distribution |
The design and manufacturing of an item | Production |
The natural and man-made sources that are used in production of goods that satisfy people's wants. | Resources |
The price of an item that reflects its demand level | Price Point |
The positive gain from an investment of business operation after subtracting all expenses. | Profit |
The relationship between price and quantity demanded. | Law of Supply and Demand |
The specific group of customers that a company aims to capture | Target Audience of Target Market |
The study of the production, consumption, and distribution of goods and services | Economy |
The use of resources or an item | Consumption |
A wage of compensation given to a worker in exchange for their labor | Labor Cost |
The world of business and commerce | Market Place |