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Enterprise + Profit

Chapter 21

TermDefinition
Centrally planned economy An economy where the state controls and directs economic activity.
Enterprise The factor of production that takes the initiative in organizing land,labor and capital, and that bears the risk in involved in production.
Entrepreneur The person who supplies the factors of production enterprise.
Insurable risks Risks faced by the entrepreneur that he/she can insure against.
Non-insurable Risks faced by the entrepreneur that he/she cannot insure against.
Profit The reward to the entrepreneur for supplying the factor of production enterprise.
Mixed Economy An economy that has both privately owned and state-owned enterprises and has a certain amount of state regulation of business.
Free-market economy An economy where economic activity is undertaken bh companies and individuals who are free to operate without undue government interference.
Created by: jmartineconomics
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