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Free Market

Capitalism and Free Enterprise

TermDefinition
Capitalism A market economy in which private citizens own the factors of production.
Economic Freedom Citizens are free to choose where they will work, to open their own business, if they so desire, and to choose the type and quantity of goods or services they will produce.
Voluntary Exchange The act of buyers and sellers freely and willingly engaging in market transactions and both the buyer and seller are better after the transaction than before.
Private Property People have the right and privilege to control their possessions as they wish as long as they do not interfere with the rights of others.
Self-Interest/Profit Motive The force that directs the actions of individuals and businesses to improve their well being
Economic Efficiency To make the best use of scarce resouces
Economic Equity A sense of justice for all, ensures that all people share in the benefits of free enterprise.
Economic Stability Maintain stable prices and employment
4 Goals of the Free Enterprise System Economic freedom, Economic efficiency, Economic Equity, Economic Stability
Economic Security Individuals help protect themselves against the unexpected by buying insurance.
Economic Growth To increase the amount of goods and services that each worker in the economy can produce.
Entrepreneur Organizes land, labor, and capital in order to seek the reward called profit.
Consumer Have power in the economy because they determine which products are likely to be produced.
Role of Government Protector - enforce laws Provider and Consumer - provides goods and services for citizens Regulator - preserves competition in the market place. Promoter of National Goals - reflects the will of the majority of its people
What government programs have been enacted that reflect how Americans have modified their free enterprise economy? Social Security, child labor laws, minimum wage laws
Mixed economy The people carry on their economic affairs freely but are subject to some government intervention and regulation.
Supply The amount of a product, commodity, or service available to buyers.
Demand The amount of a product, commodity, or service desired by consumers.
Created by: kscurtis