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Study sets matching "the free enterprise system"

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Study sets matching "the free enterprise system"

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
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
10 terms
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…
8 terms
Free Enterprise System
Free Enterprise System
Enterprise
Goods
Democracy
an economic system in which people make their own economic de…
a project undertaken
tangible/ useful products that are made and sold
a system of government where the power is vested in the people
Free Enterprise System
an economic system in which people make their own economic de…
Enterprise
a project undertaken
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
8 terms
free enterprise system
free enterprise system
enterprise
goods
democracy
an economic system where people make their own economic decis…
a project undertaken
tangible/useful products that are made and sold
system of government where the power is vested in the people
free enterprise system
an economic system where people make their own economic decis…
enterprise
a project undertaken
25 terms
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…
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
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
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 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.
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
16 terms
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
16 terms
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…
12 terms
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
26 terms
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.
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
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
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
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
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
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
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 _______________…
8 terms
free enterprise system
free enterprise system
enterprise
goods
democracy
An economic system in which individuals depend on supply and…
A business organization in such areas as shipping, mining, ra…
useful products that are made and sold
A political system in which the supreme power lies in a body…
free enterprise system
An economic system in which individuals depend on supply and…
enterprise
A business organization in such areas as shipping, mining, ra…
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…
27 terms
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
22 terms
Free enterprise system
Business cycle
Competition
Externality
Free contract
Macroeconomic period if expansion followed by contraction
The rivalry of sellers to attract customers while lowering co…
Side effect of good or service that generates costs or benefi…
People have the freedom to decide what agreements to enter into
Business cycle
Macroeconomic period if expansion followed by contraction
Competition
The rivalry of sellers to attract customers while lowering co…
27 terms
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
23 terms
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.
12 terms
Free enterprise system
Free enterprise system
6 pillars of free enterprice
Private public property
Public property
People in their economic roles are free to make choices.
Private/public property... Specialization ... Voluntary exchange... Pr…
Resources owned and products owned by individuals or buisnesses
Government owned resources and products
Free enterprise system
People in their economic roles are free to make choices.
6 pillars of free enterprice
Private/public property... Specialization ... Voluntary exchange... Pr…
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…
122 terms
The American Free Enterprise System
Incentive
Free Enterprise
Voluntary Exchange
Private Property Rights
something that motivates
an economic system in which privately owned businesses have t…
act of buyers and sellers freely and willingly engaging in ma…
fundamental feature of capitalism, which allows individuals t…
Incentive
something that motivates
Free Enterprise
an economic system in which privately owned businesses have t…
27 terms
Economics: Free Enterprise System
What was the major "economic problem?"
Steps in the Want- Satisfaction Chain
What is production , relating to the w…
What is distribution relating to the w…
People's wants are unlimited while material is scarce
Want, Resources, Method of Production, method of distribution…
Provides material for the consumer
How much the company provides
What was the major "economic problem?"
People's wants are unlimited while material is scarce
Steps in the Want- Satisfaction Chain
Want, Resources, Method of Production, method of distribution…
18 terms
The American Free Enterprise System
Private Property Rights
Economic Freedom
Profit Motive
Competition
People may control their possessions as they wish
People may choose their jobs, employers, and how to spend the…
People and organizations may improve their material well-bein…
Producers and sellers compete with one another to attract con…
Private Property Rights
People may control their possessions as they wish
Economic Freedom
People may choose their jobs, employers, and how to spend the…
24 terms
ROLES IN THE FREE ENTERPRISE SYSTEM
ENTREPRENEUR
ENTREPRENEUR
ENTREPRENEUR
ENTREPRENEUR
ORGANIZES AND MANAGES THE FACTORS OF PRODUCTION
WHEN SUCCESSFUL, ATTRACTS OTHER FIRMS INTO THE BUSINESS
MANY FAIL
MAY HAVE TO CUT PRICES OR IMPROVE QUALITY TO STAY IN BUSINESS
ENTREPRENEUR
ORGANIZES AND MANAGES THE FACTORS OF PRODUCTION
ENTREPRENEUR
WHEN SUCCESSFUL, ATTRACTS OTHER FIRMS INTO THE BUSINESS
11 terms
Free enterprise system
Economic System
Traditional Economy
Command Economy
Market Economy
The means by which countries and governments distribute resou…
Economic system in which traditions, customs, and beliefs sha…
An economy in which production, investment, prices, and incom…
Economy in which decisions regarding investment, production,…
Economic System
The means by which countries and governments distribute resou…
Traditional Economy
Economic system in which traditions, customs, and beliefs sha…
21 terms
Free enterprise system
Freedom of ownership
Intellectual property
Patent
Trademark
One of the most basic principles
The creative works of authors, artists, composers, inventors
Grants the exclusive right to make, use, and sell a novel and…
Are unique word, mark, symbol, or device that identifies a pr…
Freedom of ownership
One of the most basic principles
Intellectual property
The creative works of authors, artists, composers, inventors
10 terms
Free Enterprise System 2
an economic system characterized by pr…
socially and politically
free enterprise
government
Free enterprise system
The Free Enterprise System ______________ and _______________…
Politically the government works together with society to pro…
protects property rights, contains rules for taxation, and th…
an economic system characterized by pr…
Free enterprise system
socially and politically
The Free Enterprise System ______________ and _______________…
16 terms
Free Enterprise System
Market Value
Subsidy
Free Rider
Market Failure
...
A government payment that helps cover the cost of an economic…
A person who chooses not to pay for a good or service but ben…
When people who are not apart of a marketplace interaction be…
Market Value
...
Subsidy
A government payment that helps cover the cost of an economic…
17 terms
Free Enterprise System
Sole proprietorship
Sole proprietorship disadvantage
Partnership
Advantage of Partnership
One individual owns a business (small non-franchise diner). O…
The only capital available is what one person can secure. Can…
When two or three people join to open a business together.
The financial resources and risks can be shared by all in the…
Sole proprietorship
One individual owns a business (small non-franchise diner). O…
Sole proprietorship disadvantage
The only capital available is what one person can secure. Can…
8 terms
free enterprise system
free enterprise system
enterprise
goods
democracy
an economic system in which people make their own economic de…
a project undertaken
tangible/useful products that are made and sold
a system of government where the power is vested in the people
free enterprise system
an economic system in which people make their own economic de…
enterprise
a project undertaken
12 terms
Free Enterprise System
Free Enterprise System
Competition
Price competition
Non-price competition
System in which individuals start and operate without governm…
The struggle between companies for 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 without governm…
Competition
The struggle between companies for customers
16 terms
Free Enterprise System Vocabulary
Capitalism
Free Enterprise System
Profit
Open Oppurtunity
an economic system based on the... private ownership of the fact…
another name for... capitalism, an economic system based on priv…
the money left over after the costs have... been subtracted from…
the ability of everyone to take... part in the market by free ch…
Capitalism
an economic system based on the... private ownership of the fact…
Free Enterprise System
another name for... capitalism, an economic system based on priv…
20 terms
American free enterprise system
Free enterprise system
The number of businesses that open eve…
Free enterprise is all about making
Open opportunity
Another name for capitalism. An economic system based on priv…
The number of businesses that close
Choices with in a market economy
The ability of every want to take part in the market by three…
Free enterprise system
Another name for capitalism. An economic system based on priv…
The number of businesses that open eve…
The number of businesses that close
11 terms
Benefits of the Free Enterprise System
Property Rights
Taxation
Contracts
Basic Principles of Free Enterprise
Fifth amendment states no person shall be deprived of life, l…
Rules for how we are taxed are set forth in the Constitution.…
the Constitution guarantees people and businesses the right t…
Profit Motive... Open Opportunity ... Economic Rights
Property Rights
Fifth amendment states no person shall be deprived of life, l…
Taxation
Rules for how we are taxed are set forth in the Constitution.…
18 terms
free enterprise system desaree
free enterprise system
monopoly
demand
supply
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 that exists when the amount of product supplied is equa…
free enterprise system
in theory, this encourages individuals to start and operate t…
monopoly
exclusive control over a product or the means of producing it.
19 terms
Free Enterprise System
Profit
Buyers and sellers
Consumers
Market Failure
The money left over after the cost of a good or service gas b…
Who decides how the marketplace interacts?
What is produced is decided by...
Occurs when people who are not part of a marketplace interact…
Profit
The money left over after the cost of a good or service gas b…
Buyers and sellers
Who decides how the marketplace interacts?
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