POB Economics 5.02 Vocab

The possibility of loss (failure) or gain (success) inherent in conducting business

• Business risk

• Command economic system

• Competition

An economic system in which all or many of the means of production and distribution are owned and controlled by the government.

• Business risk

• Command economic system

• Competition

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

• Business risk

• Command economic system

• Competition

• Communism

The rivalry among two or more businesses to attract scarce customer dollars

• Business risk

• Command economic system

• Competition

• Communism

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.

• Cost of goods

• Direct competition

• Economic risks

• Economic system

Rivalry between or among businesses that offer similar types of goods or services.

• Cost of goods

• Direct competition

• Economic risks

• Economic system

Risks that result from changes in overall business conditions.

• Cost of goods

• Direct competition

• Economic risks

• Economic system

The organized way in which a country handles its economic decisions and solves its economic problems.

• Cost of goods

• Direct competition

• Economic risks

• Economic system

Money spent or cost incurred in an organization's efforts to generate revenue, representing the cost of doing business.

• Expenses

• Guarantee

• Human risk

• Income

A promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory

• Expenses

• Guarantee

• Human risk

• Income