A nation's plan for making decisions on what to produce, how to produce, and how to distribute goods and services.
An economy in which goods are produced the way they always have been produced.
Buyers and sellers make their own economic decisions to determine what the price will be for goods and services produced.
Any place where buyers and sellers exchange goods and services for some form of money.
The rivalry among businesses to sell their goods and services to buyers.
The right of the individual to choose whether to own a business, what business to enter, and what to produce with only limited government direction.
The right to own, use or dispose of things of value.
An economy in which individuals are free to engage in business transactions with buyers who are willing and able to buy and sellers who supply goods and services from which they earn a profit.
Directed or Planned Economy
An economy in which the resources are owned and controlled by the government.
The desire to work hard and be creative to earn a higher profit.
Capitalism (Free or Private enterprise System)
An economic system in which most economic resources are privately owned and decisions are largely made by free exchange in the marketplace.
Money left from sales after subtracting the cost of operating the business.
An establishment or enterprise that supplies goods and services in exchange for some form of payment.