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204 EC-015 Key Terms

The Private Enterprise System

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 recourses and capital goods used to produce goods and services
Economic system the organized wat in which a country handles its economic decision and solves its economic problems
Entrepreneur An individual who invents develops and distributes a good or provides a service assumes the risk of starting and building a business and receives personal and financial rewards for his or her efforts
Human resources people who work to produce goods or services
market economy An economic system in which the questions of what how and for whom goods will be produced are answered by individual and businesses in the marketplace
mixed system An economic system in which individuals make most economic decisions but some government control and ownership exist
Natural resources Items that 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 products that will be produce
private enterprise An economic system in which individuals and groups rather that 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 expenses are paid
Profit motive the desire to make a profit which moves people to invest in business
Created by: valencia.r255
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