Free Enterprise Flashcard

Front

What is free enterprise?

Back

An economic system in which people are free to start their own businesses and own their own property

Front

What is private property?

Back

Something owned by individual people or groups

Front

What is the role of business owners in free enterprise?

Back

They can choose what to sell and how much to sell it for

Front

What determines the prices of goods in a free enterprise system?

Back

Supply and demand

Front

What is the definition of profit?

Back

The money a business has left after it has paid all its costs

Front

What is the definition of supply?

Back

The amount of a product that is available

Front

What is the definition of demand?

Back

The amount of a product that people are willing to buy

Front

What is the definition of export?

Back

A good that one country sells to another country

Front

What is the definition of import?

Back

A good that one country buys from another country

Front

What is the definition of consumer?

Back

A person who buys or uses goods and services