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Chapter 2

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
Created by: econgreglupita



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