Study sets matching "the free enterprise system"

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Study sets matching "the free enterprise system"

The free Enterprise System
macro
Micro
indicator
allocate
large-scale ; overall
Small-scale
A thing,esp. a trend or fact,that indicates that state or lev…
distribute (resources or duties) for a particular puepose
macro
large-scale ; overall
Micro
Small-scale
The free enterprise system
Macro
Micro
Indicator
Allocate
Large scale overall
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
Large scale overall
Micro
Small
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
large
Micro
Small
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
large
Micro
Small
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
large
Micro
Small
19 terms
The Free Enterprise System
Economics
Scarcity
Micro Economics
Macro Economics
The study that deals with the problem of how to allocate the…
A material or product that is BOTH desired AND limited
The study of the small picture, or the individual subject
The study of the big picture, or the entire economy
Economics
The study that deals with the problem of how to allocate the…
Scarcity
A material or product that is BOTH desired AND limited
The free enterprise system
Marcro
Micro
Indicator
Allocate
EP is not auto lease - act of friendship no intention to crea…
very small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Marcro
EP is not auto lease - act of friendship no intention to crea…
Micro
very small
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
Something that indicates something else
To set apart or designate for a special purpose; to distribute
Macro
large
Micro
Small
25 terms
The free enterprise system
Macro
Micro
Indicater
Allocate
Large scale; overall
Small- scale
To serve as a sign, symptom, or token of; signify:
to set apart or designate for a special purpose; to distribute
Macro
Large scale; overall
Micro
Small- scale
25 terms
The free enterprise system
Macro
Micro
Indicator
Allocate
large, long
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
large, long
Micro
Small
25 terms
Economic Systems and Free Enterprise
Economic System
Traditional Economy
Market Economy
Centrally Planned Economy
The method used by a society to produce and distribute goods…
An economic system where custom and habit determine what will…
An economic system where decisions about production, price an…
An economic system in which the central government makes all…
Economic System
The method used by a society to produce and distribute goods…
Traditional Economy
An economic system where custom and habit determine what will…
26 terms
The Free Enterprise System
Free Enterprise System
Patent
Trademark
Copyright
Encourages individuals to start and operate their own busines…
When you alone own the rights to your item or idea
A word, name, symbol, sound, or color that identifies a good…
Involves anything that is authored by an individual, such as…
Free Enterprise System
Encourages individuals to start and operate their own busines…
Patent
When you alone own the rights to your item or idea
Free Enterprise System
Free Enterprise System
Freedom of Ownership
Competition
Direct Competition
A system based on private ownership as the means of production.
The ability to choose a house, car, job or business.
A rivalry between two or more businesses to gain as much of t…
Two or more companies that utilize the same type of business…
Free Enterprise System
A system based on private ownership as the means of production.
Freedom of Ownership
The ability to choose a house, car, job or business.
25 terms
Free Enterprise System
Free Enterprise System
Patent
Trademark
Copyright
An economic system where individuals start their own business…
A document that gives you sole rights to your product or idea.
A word, name, symbol, sound, or color that identifies a good/…
Gives exclusive rights of a product to the individual who own…
Free Enterprise System
An economic system where individuals start their own business…
Patent
A document that gives you sole rights to your product or idea.
44 terms
Free Enterprise System
Free Enterprise System -- F.E.S.
Characteristics
Darwinism
Price Competition
This is the type of economic system in the United States.... *Al…
Those companies that serve their customer best or make the ri…
The Free Enterprise System is just like the science theory "S…
Beat your competition through a lower price
Free Enterprise System -- F.E.S.
This is the type of economic system in the United States.... *Al…
Characteristics
Those companies that serve their customer best or make the ri…
8 terms
Free Enterprise System
voluntary exchange
private property rights
Profit Motive
Competition
the concept that people may decide what and when they want to…
the concept that people have the right and privilege to contr…
the force that encourages people and organizations to improve…
the struggle among sellers to attract consumers while lowerin…
voluntary exchange
the concept that people may decide what and when they want to…
private property rights
the concept that people have the right and privilege to contr…
12 terms
The ethics and free enterprise system
What do ethics consist of?
What does free enterprise allow indivi…
T/F free enterprise helps produce goods.
T/F free enterprise doesn't allow all…
principles of conduct, such as right and wrong, morality and…
Choose their own occupation
True
False
What do ethics consist of?
principles of conduct, such as right and wrong, morality and…
What does free enterprise allow indivi…
Choose their own occupation
32 terms
Lesson 4 - The Free Enterprise System
macro
micro
indicator
allocate
large
Small
a thing, esp. a trend or fact, that indicates the state or le…
distribute (resources or duties) for a particular purpose
macro
large
micro
Small
14 terms
Free Enterprise system
Free Enterprise System
Competition
Price competition
Non-price Competition
system in which individuals start and operate their own busin…
The struggle between companies to get customers
Competition that focuses on the sale price of a product
Businesses choose to compete on the basis of factors not rela…
Free Enterprise System
system in which individuals start and operate their own busin…
Competition
The struggle between companies to get customers
Chapter 5: The Free Enterprise System
Free Enterprise System
Patent
Trademark
copyright
a system that encourages individuals to start and operate the…
a government-issued exclusive right to make, use, or sell an…
a brand name, brand mark, trade name, trade character, or a c…
the exclusive right to reproduce or sell a work authored by a…
Free Enterprise System
a system that encourages individuals to start and operate the…
Patent
a government-issued exclusive right to make, use, or sell an…
16 terms
Free Enterprise System
Private Property
Economy
Free Enterprise
Profit
something owned by individuals or groups - ex. house or car
system of producing and distributing goods and services
People are free to start their own businesses and own their o…
Money a business has left after it has paid all its cost
Private Property
something owned by individuals or groups - ex. house or car
Economy
system of producing and distributing goods and services
31 terms
The free enterprise system
Macro
Micro
Indicator
Allocate
Large scale; overall
Small scale
A thing, a trend or fact, that indicates the state or level o…
Distribute for a particular purpose
Macro
Large scale; overall
Micro
Small scale
The Free Enterprise System
Free Enterprise System
Competition
Price Competition
Non-Price Competition
System in which individuals start and operate their own busin…
The struggle between companies for customers.
Competition that focuses on the sale price of a product.
Businesses choose to compete on the bases of factors not rela…
Free Enterprise System
System in which individuals start and operate their own busin…
Competition
The struggle between companies for customers.
10 terms
The Free Enterprise System
The characteristics of a free enterpri…
Price competition-
Nonprice competition-
The economic cost of unprofitable busi…
-freedom of ownership... -freedom to compete... -freedom to make a…
competing with a lower price
involves factors other than price, such as special services a…
-loss of jobs... -loss of revenue to investors and to the govern…
The characteristics of a free enterpri…
-freedom of ownership... -freedom to compete... -freedom to make a…
Price competition-
competing with a lower price
12 terms
the free enterprise system
Free Enterprise System
Competition
Price Competition
Non-Price Competition
System in which individuals start and operate their own busin…
The struggle between companies for customers.
Competition that focuses on the sale price of a product.
Businesses chose to compete on a basis factors not related to…
Free Enterprise System
System in which individuals start and operate their own busin…
Competition
The struggle between companies for customers.
27 terms
the free enterprise system
free enterprise system
monoply
demand
equilibrium
in theory, this encourages individuals to start and operate t…
exclusive control over a product or the means of producing it
refers to consumer willingness and ability to buy products
state exist when the amount of product supplied is equal to t…
free enterprise system
in theory, this encourages individuals to start and operate t…
monoply
exclusive control over a product or the means of producing it
The free enterprise system notes
Free enterprise system
Monopoly
Demand
Supply
In theory this encourages individual to start and operate the…
Exclusive control over a product
Refers to consumer willingness and ability to buy producing it
State that exist when the amount of product dupplied is equal
Free enterprise system
In theory this encourages individual to start and operate the…
Monopoly
Exclusive control over a product
The free enterprise system
Macro
Micro
Indicator
Allocate
Large-scale; overall
Small-scale
A thing, esp a trend or fact that indicates the state or leve…
Distribute(resources or duties) for a particular purpose
Macro
Large-scale; overall
Micro
Small-scale
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
A thing indicates the state or level of something
Distribute
Macro
large
Micro
Small
The free enterprise system
Macro
Micro
Indicator
Allocate
large
Small
A compound that changes color in the presence of an acid or a…
(v.) to set apart or designate for a special purpose; to dist…
Macro
large
Micro
Small
the free enterprise system
business risk
competition
demand
domestic business
The possibility of financial loss.
The struggle between companies to attract new customers keep…
Consumer willingness and ability to buy products.
A business that sells its products only in its own country.
business risk
The possibility of financial loss.
competition
The struggle between companies to attract new customers keep…
The Free Enterprise System
Macro
Micro
Indicator
Allocate
Large-scale overall
Small-scale
A thing esp. a trend or fact,that indicates the state or leve…
Distribute. For a particular purpose
Macro
Large-scale overall
Micro
Small-scale
24 terms
The free enterprise system
Macro
Micro
Indicator
Allocate
Large-scale; overall
Small-scale
A thing,esp. a trend or fact, that indicates the state or lev…
Distribute (resources or duties) for a particular purpose
Macro
Large-scale; overall
Micro
Small-scale
The free enterprise system
Macro
Micro
Indicator
Allocate
Large-scale;overall
Small-scale
A thing,established a trend or fact,that indicates the state…
to set apart for a special purpose: to distribute
Macro
Large-scale;overall
Micro
Small-scale
the free enterprise system
private enterprise
patent
trademark
copyright
business ownership by ordinary people, not the government
an invention, you alone own the rights to that item or idea.
a word,name,symbol,sound,or color that identifies a good or s…
involves anything that is authored by an individual, such as…
private enterprise
business ownership by ordinary people, not the government
patent
an invention, you alone own the rights to that item or idea.
19 terms
Economic Systems and Free Enterprise
5 Economic Goals
Economic Efficiency
Economic Freedom
Economic Security and Predictability
efficiency, freedom, security, equity, and growth
make the most out of available resources with as little waste
Individuals are free to make their own choices with little or…
Confidence in the availability of goods and services, wages a…
5 Economic Goals
efficiency, freedom, security, equity, and growth
Economic Efficiency
make the most out of available resources with as little waste
Roles in the Free Enterprise System
Role of Entrepreneur
Role of Entrepreneur
Role of Entrepreneur
Role of Entrepreneur
Starts their own business
Seeks profit
When successful, attracts other firms into the business
Want to be their own boss
Role of Entrepreneur
Starts their own business
Role of Entrepreneur
Seeks profit
44 terms
The free enterprise system
Public goods
How are public goods paid for?
Does the government want monopolies in…
Anti-trust laws
Goods or services that benefit everyone. ... -Military, parks, l…
Tax collection.
No. The government tries their best to prevent the monopolies.
Anti-trust laws make it hard for monopolies to exist for long…
Public goods
Goods or services that benefit everyone. ... -Military, parks, l…
How are public goods paid for?
Tax collection.
24 terms
ROLES IN THE FREE ENTERPRISE SYSTEM
Entrepreneur
Entrepreneur
Entrepreneur
Entrepreneur
when successful, attracts other firms into the business
Many fail
may have to cut prices or improve quality to stay in business
organizes and manages the factors of production
Entrepreneur
when successful, attracts other firms into the business
Entrepreneur
Many fail
American Free Enterprise System
Free Enterprise
Property Rights
Fair Taxation
Binding Contracts
Social and political commitment to giving people the freedom…
Government can't take private property for public use (w/out…
Pay taxes based on income
Government can't change terms of someone's business agreement.
Free Enterprise
Social and political commitment to giving people the freedom…
Property Rights
Government can't take private property for public use (w/out…
13 terms
Free Enterprise System
free enterprise system
competition
price competition
non-price competition
system is which
struggle between companies for customers
competition that focuses on the price of a product
businesses choose to compete on the basis of factors not rela…
free enterprise system
system is which
competition
struggle between companies for customers
22 terms
Free enterprise system
Freedom of ownership
Competition
Risk
Profit
Own personal property
Struggle for customers
Potential for loss or failure
earned after all profits/ expenses at paid
Freedom of ownership
Own personal property
Competition
Struggle for customers
10 terms
Free Enterprise System
Free Enterprise System
socially and politically
free enterprise
protects property rights, contains rul…
an economic system characterized by private or corporate owne…
The Free Enterprise System ______________ and _______________…
Politically the government works together with society to pro…
The government:
Free Enterprise System
an economic system characterized by private or corporate owne…
socially and politically
The Free Enterprise System ______________ and _______________…
The Free Enterprise System
Supply/Demand
Law of Demand
Surplus
Shortage
Supply: Amt. of good producers are willing to make and sell.…
Price & Demand move in opposite directions.
Supply exceeds demand.
Demand exceeds supply.
Supply/Demand
Supply: Amt. of good producers are willing to make and sell.…
Law of Demand
Price & Demand move in opposite directions.
34 terms
American free enterprise system
Free enterprise
4 principles of free enterprise
Eminent domain
Eminent domain amendment
Decisions made in the free market by private individuals or f…
Profit motive open opportunity legal equality freedom to buy
No private property can be taken w/o just compensation
Fifth
Free enterprise
Decisions made in the free market by private individuals or f…
4 principles of free enterprise
Profit motive open opportunity legal equality freedom to buy
24 terms
The American Free Enterprise System
Free Enterprise system
open opportunity
legal equality
free contract
another name for capitalism, an economic system based on priv…
the ability of everyone to enter and compete in the market of…
a situation in which everyone has the same economic rights un…
a situation in which people decide for themselves which legal…
Free Enterprise system
another name for capitalism, an economic system based on priv…
open opportunity
the ability of everyone to enter and compete in the market of…
Free enterprise system
Free Enterprise System
6 pillars of free enterprise
Private property
Public property
•the economy in the U.S. is called the free enterprise system…
1. Private/public property ... 2. Specialization... 3. Voluntary ex…
• resources and products owned by individuals or businesses…
• resources and products owned by the government
Free Enterprise System
•the economy in the U.S. is called the free enterprise system…
6 pillars of free enterprise
1. Private/public property ... 2. Specialization... 3. Voluntary ex…
12 terms
FREE ENTERPRISE SYSTEM
free enterprise system
competition
price competition
non price competition
system in which individuals start and operate their own busin…
the struggle between companies for customers
competition that focuses on the sale price of a product
businesses choose to compete based on factors not related to…
free enterprise system
system in which individuals start and operate their own busin…
competition
the struggle between companies for customers
14 terms
Free enterprise system
Industry
Derived demand
Wholesaler
Retailer
A group of establishments primarily engaged in producing the…
The demand for industrial goods based on the consumer demand…
Obtains goods from manufacturer and distributes to retailers…
Obtains goods from wholesaler or manufacturer and sells them…
Industry
A group of establishments primarily engaged in producing the…
Derived demand
The demand for industrial goods based on the consumer demand…
free enterprise system
free enterprise sytem
monopoly
demand
equilibrium
encourages individuals to start and operate their own busines…
exclusive control over a product or the means of producing it
refers to consumer willingness and ability to but products
states that exists when the amount of product supplied is equ…
free enterprise sytem
encourages individuals to start and operate their own busines…
monopoly
exclusive control over a product or the means of producing it
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