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T-EPF M1L3 Key Terms

Traditional EPF Module 1 Lesson 3 Key Terms

TermDefinition
Free Enterprise Businesses are allowed to compete with little or no interference.
Capitalism Economic system in which citizens own and use factors of production.
Private Property Rights People have the right to own and use property as they see fit.
Laissez Faire French term meaning “to let alone.” Government should not interfere with business.
Profit The amount of money left over after all the costs of production have been paid.
Profit Motive What encourages people to take the risk to open a business or engage in other economic activities.
Competition The struggle between buyers and sellers to get the best products at the lowest prices.
Monopoly Exists when there is only one producer of a good or service.
Oligopoly When a few businesses are the only providers of a good or service.
Monopolistic Competition Exists when there are a few producers of a good or service but the products are not identical.
Pure Competition Exists when they are a large number of sellers producing identical products.
Created by: dmcsorley13
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