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2-3 economic system
| Question | Answer |
|---|---|
| capitalism | A system in which private citizens own the factors of production |
| Free enterprise | Economy in which competition is allowed to flourish with a minimum of government interference |
| voluntary exchange | The act of buyers and sellers freely and willingly engaging in market transactions |
| private property rights | The privilege that entitles people to own and control their possessions as they wish |
| profit | The extent to which persons or organizations are better off at the end of a period than they were at the beginning |
| profit motive | The driving force that encourages people and organizations to improve their material well-being |
| competition | The struggle among sellers to attract consumers while lowering costs |
| consumer sovereignty | The role of the consumer as ruler of the market |
| mixed economy/modified private enterprise economy | Economy in which people carry on their economic affairs freely but are subject to some government intervention and regulation |
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gp0227
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