Communism Pro:

PICK 2: Trustworthy - ______; deserving the _______ of others

Accountability is the condition of having to answer for or be liable for your actions; accepting responsibility for your action

Fairness is the ability to make judgements without favoritism or self-interest; engaging in fair competition and creating equal relationships

What is the definition of respect?

gross profit - expenses =

revenue-cost of goods =

the cost of goods can be: (2 CORRECT ANSWERS)

Having to make a difficult choice is a dilemma

income-expense =

An ethical dilemma is when your situation involves an outcome with consequences

The people who make or provide goods and services are:

The three types of Producers are:

Raw-goods producers provide goods in their processed state

Black Friday (the huge shopping day after Thanksgiving) is an example of price competition.

Lumber Companies, Mines, Oil Companies, and Farms are types of raw-goods producers

Builders construct roads, bridges, buildings, houses, etc.

The trade industry is divided into two main parts:

4 main ways to avoid risk:

________ help move goods between producers and retailers by buying goods from producers and selling them to retailers

Walmart, CVS, and Footlocker are examples of wholesalers

An example of nonprice competition is being really friendly and helpful with customers.

Wholesalers supply goods that retail stores sell

Retailers have the flexibility to operate out of a physical facility that consumers can enter.

gross profit = cost of goods - ______

______ businesses provide a service, not a good

The __________ is a business's duty to contribute to society's well-being

There are four types of market structures, perfect competition, monopolistic competition, oligopoly and monopoly.

Social Responsibility is all about positively impacting the communities we live in.

The social responsibility of _______ labor practices is to provide equality amongst the employees of businesses as well as the employees of their suppliers.

______ competition occurs when businesses can compete with each other in other ways than just price

An example of indirect competition is Walmart and Target.

Ethical labor practices include things like:

According to a 2015 survey, more than ___% of consumers that are willing to pay more for a product or service if the business prioritizes sustainability

Coke Production plant, Lewis Farms, Ford Car assembly line

Walmart, Harris Teeter, Dollar General

HVAC repair, lawn maintenance, Carowinds

______ - expense = profit

an operating expense would be:

A want can be purchased or want can be of no monetary value at all

economic wants and noneconomic wants are the two categories of wants

_____ competition occurs with business that offer similar goods or services

An economic sevice can be food, shoes, video games, or music

Economic goods illustrate the human senses; you can see, hear, smell, taste, and or feel them

items found in nature that are used to produce good and services

people who work to produce goods and services

______ - operating expenses= net profit

To make a profit, businesses must make more than their operational and cost of goods expenses.

Profit has internal and external motivators.

To make a product, businesses must learn to assess and take risks.

any manufactured or constructed item that is used to produce goods and services

Ben and Jerry’s Ice Cream and a barber shop are examples of direct competition.

Depending on the consumer's current time, the amount of resources and goods available can be limited

real estate agents are an example of

roads are an example of

Land is an example of

bus drivers are an example of

supplies are an example of

minerals are an example

Goods and Services can be limited due to the amount of natural resources available

the quantity of a good or service that people will buy varies inversely with the price of a good or service

A trade-off takes place when the consumer gives up all or a part of one thing in order to get something else

_____ happens because the supply is greater than the demand

are there benefits of competition?

an economic principle that states that the supply of a good or service will increase when demand is great and decrease when demand is low.

When consumers adjust their demand for products based on price, demand is said to be ______

when the quantity of goods and services supplied is equal to the quantity demanded it is....

sporting equipment, jewelry, shoes, manicures, holiday decorations

spending time with family hanging out with friends, making good grades, reading to younger siblings, helping an elderly neighbor

Society and businesses alike do not benefit from competition.

____ competition occurs with businesses that offer different goods or services

This is a pro of a traditional economic system:

this is a con of a traditional economic system: (PICK MORE THAN 1)

three classifications of business risks:

the two parts of command economic system: PICK 2

Market Cons PICK MORE THAN 1

What questions should economic systems answer?

A small business is defined as a business that employs 500 or fewer

Entrepreneurs: CHOOSE ALL THAT APPLY

Small business owners:

there are 6 elements of private enterprise

_____ competition occurs when businesses use prices to attract consumers to spend their money with them.

the three common issues for business failure are: CHOOSE MORE THAN ONE