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Chapter 2 Key Terms

ECO 251

TermDefinition
economic system a structure/method of organizing and allocating limited resources and goods among the competition
capitalism an economic system characterized by private ownership of resources and firms with decentralized decision making
firm any organization that produces goods
business a profit-seeking firm
market any arrangement of buying and selling
resource market situation in which land, labor, and capital are bought and sold
goods (product) market situation in which goods and services are bought and sold
socialism an economic system characterized by joint ownership of resources and firms with centralized decision making
Created by: SavanahT
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