How does competition help consumers?

income before any deductions are taken out

few sellers; established markets which are extremely difficult to enter

market structure where many firms compete against each other when selling similar, but slightly differentiated products

capital, labor, and land assets used in production operations

focuses on factors such as features, quality, service, and promotion

ability of individual citizens to own and operate resources at their own discretion

freedom of private businesses to operate in a competitive manner for profit, without government controls

when marketers compete on the basis of price

known as perfect competition; allows easy access and freedom of buyers and sellers to get in or out of the market

business action of two or more companies striving to gain customers

lies between capitalism and communism; most resources are government owned

prohibits the private ownership or management of resources

marketing system in which flexible prices are a necessity due to competition arising between producers

government directly controls the firm's behavior

organization that employs resources in order to produce a good or service for a profit

industry with only one firm producing the product, thus controlling the market

amount of monetary gain after all production costs have been subtracted

___________does not occur in communist or socialist countries, because production resources are government owned.

firms consciousness of their competition's prices and actions; tendency of products to be similarly priced

The three major economic systems are?

What does central planning mean?

Which economic system provides many services, such as healthcare and insurance, back to its people?

Which economic system prohibits the private ownership and management of resources and emphasizes income and wealth equality?

Monopolistic competition refers to a market structure where many firms compete against each other when selling similar, but slightly differentiated products.

Which type of market structure has only one firm producing a product?

The United States utilizes many combinations of the market-buyer structures.

____ __________ is often criticized because it promotes inequality between the classes.

Free Enterprise exists in all countries, even those where the government owns all production resources.

In what ways does the United States government interfere with the economy? (choose all that apply)

Which system promotes free will and individual choice for entrepreneurs?

Does free enterprise exist in countries where the government owns all the resources?

An oligopoly is most distinguished by the firms interdependence on pricing and marketing.

In a free enterprise system __________________.

One important feature of a free enterprise system is government restriction of competition.

In the United States, prices are set by _______________.

People are motivated to open businesses because they are guaranteed to earn a profit.

The French term laissez-faire means ________________.

The amount of money a business earns when selling a good