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Chapter 19 Section 3

For 7th Grade SS Students

QuestionAnswer
Capitalism an economic system in which private citizens own and use the factors of production in order to seek a profit
Free enterprise businesses are allowed to compete against one another without much government interference
The type of economic system in the United States Capitalism or Free Enterprise
What features combine to make capitalism work? Markets, Economic Freedom, Private Property Rights, Competition, The Profit Motive, Voluntary Exchange
Consumer Sovereignty consumers are the kings or rulers of the market because they determine what products will be made
Private Property Rights the freedom to own, use, and throw away property however we choose-as long as it doesn't interfere with the rights of others
Competition the struggle between buyers and sellers to get the best products at the lowest prices
Profit Motive People risk their money in a business to try to make a profit.
Profit the money you make after you pay all of your expenses
Voluntary exchange the act of buyers and sellers freely and willingly participating in transactions
Created by: rjaske@wwusd.org
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