a nations plan for answering the key economic question
goods are produced the way they have always been produced
Directed (planned economy)
resourced are owned and controlled by the government
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
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
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
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
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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