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Section 1

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The economic system of many countries, including the United States, is called

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Competition Prep

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7 years ago

Date created

Mar 1, 2020

Cards (9)

Section 1

(9 cards)

The economic system of many countries, including the United States, is called

Front

free enterprise.

Back

consumer's market

Front

Lower prices for consumers because of much competition between producers.

Back

In a producer's market,

Front

goods are not being produced at the rate of demand.

Back

If several sellers are competing for the consumer's dollars, the price of the product will

Front

go down to the lowest level possible that will still cover the cost of production and provide a reasonable profit.

Back

Since the revolutions of the late 1980s,

Front

many Communist nations have abandoned that economic system.

Back

Communists believe

Front

that the capitalists exploit the workers and do not give them what they deserve in return for their work.

Back

In the consumer's market,

Front

competition among producers is keen and helps to keep them using their prices to attract more customers.

Back

producer's market

Front

Producers are not satisfying consumer's wants and are making large profits.

Back

competition

Front

Economic rivalry among sellers for the consumer's dollars.

Back