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204 EC-015 Key Terms

The Private Enterprise System

TermDefinition
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 provides a service; assumes the risk of starting and building a business; and receives personal and financial reward for their 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 market place
market place anywhere the buying and/or selling of 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 found in nature and used to produce goods and service
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 produced
private enterprise an economic system in which individuals and groups, rather then the government, owns or controls the means of production; also known as the 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 move people to invest in a business
Created by: andrew.e509
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