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7 Cards in this Set
- Front
- Back
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Profit |
The money left over after the costs of producing a product are subtracted from he revenue gained by selling that product |
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Modified free enterprise economy |
Mixed economic system that includes some government protections provisions and regulations to adjust the free enterprise system |
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Market failure |
A situation in which people who are not part of a market place interaction benefit from it or pay part of its costs |
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Public goods |
Goods and services that are provided by the government and consumed by the public |
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Free rider |
Is a person who choose not to pay for a good or services but who benefits from it when it's provided |
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Infrastructure |
the goods and services that are necessary for the smooth functioning of society |
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Externality |
A side effect of a transaction at affects someone other than the producer or the buyer |
