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17-3 The American Economy
Terms in this set (9)
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.
The incentive that drives the U.S. economy.
This leads to greater efficiency, higher-quality products, and more satisfied customers.
Private property rights
Owning, keeping, and using something you purchase.
Makes most of the economic decisions in the U.S.
Economists refer to the activity that takes place in the markets as
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
THIS SET IS OFTEN IN FOLDERS WITH...
17-1 The American Economy
17-2 The American Economy
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