Term
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Definition
physical products
ex: food, clothes |
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Term
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Definition
| jobs you pay to have done |
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Term
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Definition
| desires for goods of services |
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Term
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Definition
| system for producing and distributing goods and services |
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Term
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Definition
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Term
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Definition
| place where goods and services are exchanged |
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Term
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Definition
| amount paid for a good or service |
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Term
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Definition
| anything you can use to pay for goods and services |
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Term
| human wants that our economy meets |
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Definition
economy is organized to meet peoples needs
has rules and expectations
consumers can buy what they want
market can be used to exchange for things you want
price is how much for what you want
money gets you what you want |
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Term
| freedoms we have in our economy |
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Definition
freedom to buy and sell
freedom to compete
freedom to make a profit
freedom to own property
freedom to choose an occupation |
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Term
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Definition
sell and biy what you want
sell for whatever price you want |
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Term
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Definition
make and sell stuff
people can compete with you on selling similar products |
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Term
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Definition
| charge more that it took you to make them |
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Term
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Definition
products are your propert
you own them until you agree to sell them |
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Term
| freedom to choose an occupation |
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Definition
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Term
| how citizens benefit from the american economy |
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Definition
goods and services are provided, distributed, and sold
freedom to achieve out dreams |
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