Economic Systems

Front

The freedom to start your own business and willingness to compete with other businesses

Back

free enterprise system

Front

What is the most effective way for consumers to participate in the free enterprise system?

Back

by the purchases they make

Front

Goods

Back

are tangible (you can touch them)

Front

Services

Back

are intangible (you cannot touch them)

Front

What are the benefits of competition?

Back

Keep Prices Low, Keep Quality of Goods Higher, Encourage business to make NEW products

Front

A consumer is

Back

someone who uses goods and services.

Front

a system of how we manage our money and resources

Back

economy

Front

economic system in which the factors of production are owned by the public and operate for the welfare of all.

Back

Socialism

Front

Individuals & businesses own property & means of production (private)

Back

Free Enterprise

Front

Progress results when a community of producers cooperate for the good of all.

Back

Socialism