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Econ vocab pt 2

vocab terms

TermDefinition
Production Combining of human, natural, capital & entrepreneurship resources to make or provide goods/services
Private Property Individuals & businesses have the right to own personal property as well as the means of production
Consumption Using goods & services
Profit Earnings after all expenses have been paid
Free Market Markets are allowed to operate w/o undue interference from the gov't
Competition Rivalry btw producers/sellers of a good or service resulting in better quality g/ss at a lower price
Consumer Sovereignty Consumers determine through purchases what g/s will be produced
Created by: 0915451
Popular American Government sets

 

 



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