Economics Chapter 2

the process of freely exchanging goods and services between buyers and sellers

(a)  

system in which the government controls the factors of production and makes all decisions about their use

(a)  

way in which a nation uses its resources to satisfy its people's needs and wants

(a)  

system combining characteristics of more than one type of economy

(a)  

system in which economic decisions are based on customs that have been handed down from generation to generation

(a)  

amount left over after all the costs of production have been paid

(a)  

rivalry among producers or sellers of similar goods and services to win more business

(a)  

desire to make money that motivates people to produce goods and services

(a)  

economic system in which private individuals own the factors of production

(a)  

whatever is owned by individuals rather than by government

(a)