POB Chapter 2 VOCAB

14 terms by Fatal_Lucifer 

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Economic system

a nations plan for answering the key economic question

Custom-based economy

goods are produced the way they have always been produced

Directed (planned economy)

resourced are owned and controlled by the government

Market economy

the third type economic system


is any place buyers and sellers exchange goods, services, and some form of money.


means that economic resources are usually privately owned by individuals rather then by the government

Private Enterprise System

this freedom of the individual to choose what to produce provides the rationale for another name

Voluntary Exchange

they refer to a they refer to a system in which most econmic resources are privatly owned and decisions about production and distrubtion are largely made


is an establishment or enterprise that supplies us with goods and services in exchange for payment in some form

Private enterprise

right of the individual to choose wether to own a business, what to enter, and what to produce with only limited government direction is referred

private property

means you can own, use, or dispose of things of value


is the money left from sales after subtracting all the cost of operating the business

profit motive

the desire to work hard and be creative to earn a higher profit


the rivarly among businesses to sell thier goods and services to buyers

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