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Ch2S3
Vocabulary Flashcards
| Term | Definition |
|---|---|
| private property rights | rights of individuals and groups to own resources and businesses |
| market | place where people can buy and sell goods and services |
| laissez faire | principle in which the government should not interfere the economy |
| capitalism | economic system based on private ownership of the factors of production |
| voluntary exchange | trade where the parties involved anticipate that the benefits will outweigh the costs |
| profit | the financial gain that a seller makes from their business; money that is left over after the costs of producing a product are subtracted from the income gained by selling that product |
| competition | two or more people act independently to get business by offering the better deal |
| consumer sovereignty | idea that consumers have ultimate control over production because they are free to buy what they want and refuse products |
| specialization | a situation occurs when individual or business concentrate their efforts in the areas in which they have an advantage for increased productivity and profit |
| circular flow model | visualization of all interactions in a market economy |
| product market | market where goods and services are bought and sold |
| factor market | market for factors of product: land, labor, capital, and entrepreneurship |
Created by:
shortbreadcookie
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