2-3 economic system
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| capitalism | A system in which private citizens own the factors of production
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| Free enterprise | Economy in which competition is allowed to flourish with a minimum of government interference
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| voluntary exchange | The act of buyers and sellers freely and willingly engaging in market transactions
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| private property rights | The privilege that entitles people to own and control their possessions as they wish
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| profit | The extent to which persons or organizations are better off at the end of a period than they were at the beginning
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| profit motive | The driving force that encourages people and organizations to improve their material well-being
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| competition | The struggle among sellers to attract consumers while lowering costs
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| consumer sovereignty | The role of the consumer as ruler of the market
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| 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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