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free enterprise
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economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American economy
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terms list
free enterprise
economy in which competition is allowed to flourish with a minimum of government interference; term used to describe the American economy
voluntary exchange
act of buyers and sellers freely and willingly engaging in market transactions; characteristic of capitalism and free enterprise
private property rights
fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property
profit
extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars
profit motive
driving force that encourages people and organizations to improve their material well-being; characteristic of capitalism and free enterprise
competition
the struggle among sellers to attract consumers while lowering costs
consumer sovereignty
role of consumer as ruler of the market when determining the types of goods and services produced
mixed economy
an economic system that combines private and state enterprises
modified private enterprise economy
free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation
economy
organized way that a society provides for the wants and needs of their people
economic system
organized way that a society provides for the wants and needs of its people
traditional economy
economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom
command economy
economic system characterized by a central authority that makes most of the economic decisions
market economy
economic system in which supply, demand, and the price system help people make decisions and allocate resources
Social Security
federal program of disability and retirement benefits that covers most working people
inflation
rise in the general level of prices
fixed income
income that does not increase even though prices go up
capitalism
economic system in which private citizens own and use the factors of production in order to generate profits
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