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Definition
| individuals trying to earn a profit by selling products or services |
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| provide goods & services but fundamental purpose isnt to earna profit |
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Term
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| study of how resources are distributed for the production of goods & services |
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| business owned and operated by government, no competition, profits go to government, high prices and limited choices of products, little career choice |
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Term
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Definition
| Government owns and operated major industries - individuals own small businesses, competition restricted in major industries but encouraged in small biz, profits from sm biz may be reinvested, gov industries keep profits, prices determined by supply & demand, some choice of products, some choice of jobs |
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Definition
| All businesses owned by individuals, competition encouraged, profits can be kept and used for whatever, wide variety of products, prices determined by supply & demand, unlimited career choices |
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| pure capitalism, government is kept out of everything |
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Term
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| economies made up of elements from different systems |
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| # goods consumers are willing to buy at different prices |
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| # of products businesses are willing to sell at different prices |
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Definition
| many small businesses selling one standard product (agriculture) |
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| few businesses and small differences in products (asprin, soda) |
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| very few business selling a product (airplane manufacturing) |
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| only one business selling a product |
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| continuing rise in prices |
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Term
| gross domestic product (gdp) |
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Definition
| sum of all the goods and services produced in a country during a year |
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