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Chapter 2
| Term | Definition |
|---|---|
| free enterprise | a system under which business can be conducted freely with little government intervention |
| private property | property that is owned by individuals and businesses, rather than the government |
| contracts | a legally binding agreement, either oral or written, between individuals, such as to buy and sell goods and services |
| competition | the economic rivalry that exists among businesses selling the same or similiar products |
| voluntary exchange | when producers and consumers unconditionally purchase and sell products and they believe that the opportunity costs of such a trade is acceptable to both parties |
| product market | the market in which producers offer- and consumers purchase- final goods and services |
| resource market | the market in which households exchange resources with business and the government |
| income | the money paid to households by business firms and the government in exchange for the households resources |
| full employment | the lowest possible level of employment in an economy |
| price stability | the condition that exists when over all priced levels remain relatively constant over a period of time |
| standard upliving | people's economic well being as determined by the quantity of goods and services they consume in a given time period |
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