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5 20th Century
Characteristics of the Free Enterprise System
| Term | Definition |
|---|---|
| Consumer | A person who purchases goods and services for personal use. |
| Demand | Economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. |
| Supply | Describes the total amount of a specific good or service that is available to consumers. |
| Free Enterprise | An economy where the market determines prices, products, and services rather than the government. |