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17-3 The American Economy

Terms in this set (9)

Economic Freedom
The one reason why the American market place can adapt quickly to economic conditions, because of free enterprise.
Supply and Demand
the two forces in a free enterprise system that decide what producers will produce and what consumers will buy.
Profit Motive
The incentive that drives the U.S. economy.
Competition
This leads to greater efficiency, higher-quality products, and more satisfied customers.
Private property rights
Owning, keeping, and using something you purchase.
Citizens
Makes most of the economic decisions in the U.S.
Voluntary Exchange
Economists refer to the activity that takes place in the markets as
C.J. Walker
The entrepreneur who invested $1.50 in savings, and became one of the first women millionaires.
People to work for their own self interest
Adam smith argued that the best way for society to advance was for
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