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Chapter 2, section 3
Justice in America
16
Political Studies
9th Grade
03/13/2010

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