2-3 economic system Word Scramble
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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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