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6 Cards in this Set
- Front
- Back
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Capital
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Investment money needed to start up or maintain a business
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Communism
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Economic system in which the government Commands or Controls all aspects of the economy: what is produced, how, prices.
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Free-Enterprise System (Capitalism)
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Economic system in which there is private ownership of the means of production. Consumers can choose among competing businesses. ("FREE" from government involvement)
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Laissez-faire
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Belief that the government should interfere with the economy. NO GOVERNMENT REGULATION OF BUSINESS!
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Market
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Potential consumers for your goods and/or services
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Scarcity
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Idea that there is a limited amount of resources, or even a shortage.
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