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Econ Systems Vocab

TermDefinition
Economic System Producing and distributing goods in an economy
Capitalism Trade in industry that is owned by private owners
Capitalist Wealthy person who invests in a trade based on a capital system
Entrepreneur Person who invests in something that will either gain or loose money
Free Enterprise Freedom of a private business to compete for profit
Voluntary Exchange The free exchange among buyers and sellers
Private Property Rights The right of ownership
Profit To make money off of a product
Profit Motive What motivates the buyer to invest in a business
Competition Rivalry among businesses
Consumer Sovereignty Consumers determine the production of goods
Inflation Increase in price and fall in money value
Fixed income Income that remains the same throughout time
Created by: smagill2
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