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2-3 economic system

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
Created by: gp0227