POB Economics 5.02 Vocab

Front

Possibility of loss or gain in business.

Back

Business risk

Front

Economic system where production and distribution are government-owned.

Back

Command economic system

Front

A command economic system where the government controls the economy and prohibits private ownership.

Back

Communism

Front

Rivalry among businesses for customer dollars

Back

Competition

Front

Money a business pays for products or raw materials it sells.

Back

Cost of goods

Front

Rivalry among businesses offering similar goods/services.

Back

Direct competition

Front

Risks from changes in business conditions.

Back

Economic risks

Front

Organized way a country manages its economy.

Back

Economic system

Front

Money spent or cost incurred to generate revenue, representing the cost of doing business.

Back

Expenses

Front

A promise to refund the purchase price if unsatisfactory.

Back

Guarantee