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HLWW BNU Ch. 2 Vocab

Vocabulary for Chapter 2 -- Business & You

TermDefinition
Economic System A nation's plan for answering the three basic economic questions.
Custom-Based Economy Goods are produced the way they have always been produced.
Directed/Planned Economy Resources are owned and controlled by the government.
Marketplace Any place where buyers and sellers exchange goods, services, and some form of money.
Market Economy A system in which economic decisions are freely made by buyers and sellers in the marketplace.
Capitalism Refers to the fact that economic resources are mostly owned by individuals rather than by government.
Free Enterprise System Another name for Capitalism.
Private Enterprise System Another name for Capitalism.
Private Enterprise The right of an individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction.
Private Property The right to own, use, or dispose of things of value.
Profit The money left from sales after subtracting the cost of operating the business.
Profit Motive The desire to work for profit.
Competition The rivalry among businesses to sell their goods and services to buyers.
Socialism The government owns and operates certain basic enterprises, such as steel mills, railroads and airlines, power plants, radio and television stations, hospital and health-care services, and banks.
Communism The government owns or controls most of the economic resources and has tight controls over them.
Created by: dkcgtjs