PBMF Midterm

Front

Anywhere a business exchange takes place

Back

Market

Front

Money that a business has left over after all the expenses and costs of running the business

Back

Profit

Front

An economic system where the economic resources are PRIVATELY owned by individuals rather than the government

Back

Capitalism

Front

An action or task that is performed, usually for a fee

Back

Service

Front

Anything that can be bought or sold

Back

Product

Front

Products are commonly known as

Back

Goods and services

Front

In a _____ economy, individuals are free to make their own economic decisions

Back

Market

Front

The market price for a product is determined at a point where: Demand exceeds supply, Supply exceeds demand, There is a shortage, Supply equals demand

Back

Supply equals demand

Front

Money earned in exchange for work is

Back

Wages

Front

An economy where the government makes all of the economic decisions for its citizens

Back

Command