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11 Cards in this Set

  • Front
  • Back
Economic System
A nation's plan for answering the key economic questions.
Custom-Based Economy
An economy in which goods are produced the way they always have been produced.
(Directed)or Planned Economy
An economy in which the resources are owned and controlled by the government.
Market Economy
An economy in which individuals are free to engage in business transactions with buyers who are willing and able to buy and sellers who supply goods and services from which they earn a profit.
Any place where buyers and sellers exchange goods, services, and some form of money.
The economic resources are usually privately owned by individuals rather than by the government.(Another name for the economic system in the United States.)
An establishment or enterprise that supplies us with goods and services in exchange for payment in some form.
Private Enterprise
The right of an individual to choose whether to own a business, what business to enter, and what to produce with only limited goverment direction.
The money left over from sales after subtracting all the costs of operating the business.
Profit Motive
The desire to work hard and be creative to earn a higher profit.
The rivalry among businesses to sell their goods and services to buyers.