Economics Chapter 2

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

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

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

system combining characteristics of more than one type of economy

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

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

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

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

economic system in which private individuals own the factors of production

whatever is owned by individuals rather than by government