C2S3 - Market Economies

Front

laissez faire

Back

means “leave things alone”

Front

consumer sovereignty

Back

the idea that consumers are free to buy what they want

Front

product market

Back

market for goods and services

Front

factor market

Back

market for factors of production

Front

profit

Back

financial gain from a business transaction

Front

specialization

Back

involves concentrating efforts in a certain area

Front

competition

Back

the foundation of market economies.