Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economic System | show 🗑
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| Traditional Economic System | show 🗑
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| show | An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
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| show | A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
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| show | A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well
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| Market Economic System | show 🗑
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| Private Enterprise System | show 🗑
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| Profit | show 🗑
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| Profit Motive | show 🗑
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| show | The money received by resource owners and by producers for supplying goods and services to customers
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| show | Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.
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| show | The amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells.
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| show | All of the expenses involved in running a business
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| Gross Profit | show 🗑
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| show | Net profit represents gross profit less all expenses associated with the normal running of the business. Net profit shows how well the business performs under its normal trading circumstances.
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| Risk | show 🗑
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| show | The process of managing a business’s exposure to risk in order to achieve business objectives.
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| Business Risk | show 🗑
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| Pure Risks | show 🗑
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| show | Risks that result from changes in overall business conditions.
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| show | Perils resulting from environmental causes.
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| Human Risks | show 🗑
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| Speculative Risks | show 🗑
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| Guarantees | show 🗑
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| Warranties | show 🗑
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| show | a risk that cannot be avoided can be prevented or controlled. When businesses identify a risk they face, they often take measures to prevent or reduce that risk.
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| Retain Risks | show 🗑
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| show | Certain risks may be reduced or eliminated by transferring (or shifting) those risks to another person or business.
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| Property insurance | show 🗑
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| show | Buildings, land, and fixtures
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| Personal property | show 🗑
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| Business interruption insurance | show 🗑
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| Casualty insurance | show 🗑
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| show | Protects businesses from lawsuits resulting from mistakes in advertising
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| show | Protects manufacturers from claims for injuries that result from using their products
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| show | Protect companies from employee theft
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| show | Protect a business if work is not finished on time or as agreed.
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| Workers’ Compensation | show 🗑
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| show | Businesses must have procedures in place before a crisis occurs.
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| Avoid Risks | show 🗑
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| Competition | show 🗑
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| show | Rivalry between or among businesses that offer similar types of goods or services.
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| Indirect Competition | show 🗑
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| show | A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
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| show | Facing competition or in tacit collusion, oligopolies believe that rivals will match any price cuts and not follow their price rise.
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| show | A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
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| Regulated Monopolies | show 🗑
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| Perfect Competition | show 🗑
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| show | A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.
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| Non Price Competition | show 🗑
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| Price discrimination | show 🗑
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| The Sherman Act | show 🗑
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| The Clayton Act | show 🗑
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| show | bans "unfair methods of competition" and "unfair or deceptive acts or practices."
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| Freedom of Choice | show 🗑
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| Private Property | show 🗑
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| Profit | show 🗑
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You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
robinscl