Studied by 3 people
Traditoional
________- Based on carrying on a business from past generations and families.
Socalism
________- Large part of economy is controlled by the government.
Inflation
________: the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)
Capitalism
________- People decide what to do with their businesses.
Capital
________: refers to money; specifically financial assets or the financial value of someones assets.
Scarcity
________: when there is a greater demand for something than the amount actually available.
Socialism
________: an economic system based on public or collective (such as government) ownership of resources and production.
positive difference
Profit: the ________ between the total revenue from a business or investment minus total expenses.
financial opportunity
Opportunity Cost: the ________ that is given up because you choose to do something else with your money.
Resource manemgent
________ is the effective use of resources you have available.
Capitalism
________: a system of economics based on the private ownership of business and the products (goods and services) made and sold.
Socalism
Large part of economy is controlled by the government
Traditoional
Based on carrying on a business from past generations and families
Capitalism
People decide what to do with their businesses
Mixed
Mixes all three
Economics
the study of how a society manages all of its resources to produce and distribute goods and services
Supply and Demand
the price of goods and services are based on the supply of something and the demand for it
Scarcity
when there is a greater demand for something than the amount actually available
Inflation
the general increase in the price of goods and services over time measured as an annual percentage increase (or decrease)
Opportunity Cost
the financial opportunity that is given up because you choose to do something else with your money
Profit
the positive difference between the total revenue from a business or investment minus total expenses
Capital
refers to money; specifically financial assets or the financial value of someones assets
Capitalism
a system of economics based on the private ownership of business and the products (goods and services) made and sold
P&L Statement
profit and Loss Statement
Retained Earnings
business income you save for emergencies and future expenses
Resource Management
the effective use of all the resources you have available to your business
Socialism
an economic system based on public or collective (such as government) ownership of resources and production
Note 
Flashcard (85)