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The private enterprise system

Capital goods Manufactured or constructed items that are used to produce goods and provide services
Competition the rivalry between too or more business to attract scarce customers dollars
Economic Resources the human and natural resources and capital goods used to produce goods and services
Economic system the organized way in which a country handles its economic decisions and solves its economic problems
Entrepreneur an individual who: invents develops, and distributes a good or provides a service; assumes the risks of starting and building a business, and receives personal and financial rewards for their efforts
Human resources people who work to produce goods and services
Market Economy an economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and business in the market place
market place anywhere the buying or selling of goods and services takes place
mixed system an economic system in which individual make the most economic decisions but some government control and ownership exists
natural resources items that are found in nature and used to produce goods and services
Price-directed system a descriptive term for the American private enterprise economy because price determines what people will buy, the jobs they will take, the success or failure of a business, and the products that will be produced
private enterprise an economic system in which individuals and groups rather than the government, own and control the means of production; also known as free market economy, private profit system, market system, capitalistic system, or free enterprise system
private property anything of value that people own
profit monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid
profit motive the desire to make profit which moves the peoples to invest in the business
Created by: user-1789374
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