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204 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 customers dollar
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 provides services assumer the risks of starting and building a business and receives personal and financial rewards for 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 business in the marketplace
Marketplace Anywhere the buying and or selling or goods and services takes place
Mixed system An economic system in which individuals make most economic decisions but some government control and ownership exist
Natural resources Items that are are found in nature and used to produce goods and services
Price directed system A descriptive 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 produce
Private enterprise An economic system in which individuals and group rather that the government own or control the means of production also known as free market economy private profits 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: jose.b629
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