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19 Cards in this Set
- Front
- Back
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Private Property |
Something owned by individuals or groups,such as a house or car |
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Economy |
A system for producing and distributing goods and services. |
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Free enterprise |
People are free to start their businesses and own their property. |
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Profit |
The money a business has left after all its costs |
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Supply |
The amount of a good or service that is available. |
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Demand |
The amount of a good or service that people are willing to buy |
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Export |
A good that one country sells to another country |
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Import |
A good that one country buys from another country |
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Consumer |
A person or group that buys or uses goods and services
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Thomas Edison
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The inventor of the light bulb,battery,phonograph,and record player |
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Entrepreneur |
A person who starts a new business,hoping to make profit |
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Madam C. J.Walker |
Started a beauty products business with only a few dollars.She was the first african american woman to become a millionaire |
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Scarcity |
There are not enough resources to meet all our wants and needs
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Specialization |
When a country specializes in certain goods or services |
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What are some important freedoms we have under the free enterprise system |
Freedom to own private property or start a business
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U.S. exports and imports (both) |
Electrical machinery, computers and office machinery, and motor vehicles |
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U.S. exports |
Airplanes and parts,corn, and wheat
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U.S. imports |
Crude oil,clothing |
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How can the free enterprise system help encourage inventor |
Encourages inventors because they have the potential to make a lot of money |
