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204 EC-015 Key Term

The Private Enterprise Sytem

QuestionAnswer
Capital goods Manufactured or constructed items that are used to produce goods and provide services.
Competition The rivalry between two or more businesses to attract scarce customer dollars.
Economic resources The human and natural resources and capital goods used to produce goods and services.
Economic system The organized way in which a country handles its economic decisions and solves its economic problems.
Entrepreneur An individual who: invents,develops. and distributes a good or provide a service assumes the risk of starting and building a business; and recieves personal and financial rewards for her/his efforts.
Human resources People who work to produce goods and services.
Market economy An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace.
Marketplace Anywhere the buying and/or selling of goods and services take place.
Mixed system An economic system in which individuals make most economic decisions but some government control and ownership exsist.
Natural resources Items that are found in nature and used to produce goods and services.
Price-directed system A desscriptive term for the American private enterprise economy because price determines what people buy, the jobs they take, the success or failure of businesses, and the products that will be produced.
Private enterprise An economic system in which individuals and groups, rather than the government, own or control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system.
Private property Anything of value that people own.
Profit Monetary reward a business owner receives for taking the risk involved in investing in a business; Income left once all expenses are paid.
Profit motive The desire to make a profit which moves people to invest in business.
Created by: user-1789366
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