The system of
business in which individuals are free to decide what to
produce, how to produce it, and at what price to sell it.
A rivalry
among businesses for sales to potential customers.
The organized
effort of individuals to produce and sell, for a profit, the
goods and services that satisfy societies's needs.
A person who
risks time, effort, and money to start and operate a business.
Individuals
who purchase goods or services for their own personal use rather
than to resell them.
What remains
after all business expenses have been deducted from sales
revenue.
A system of
exchange in which goods or services are traded directly for
other goods and for services&-without using money.
A method of
manufacturing in which an entrepreneur distributed raw materials
to various homes, where families would process them into
finished goods to be offered for sale by the merchant
entrepreneur.
A system of
manufacturing in which all of the materials, machinery, and
workers required to manufacture a product are assembled in one
place.
The separation
of a manufacturing process into distinct tasks and the
assignment of different tasks to different individuals.
A loose,
subjective measure of how well off an individual or a society
is, mainly in terms of want satisfaction through goods and
services.
A general rise
in the level of prices.
An economy in
which the majority of the work force is involved in service
industries; one in which more effort is devoted to the
production of services than to the production of goods.
The study of
how wealth is created and distributed.
The system
through which a society answers the two economic questions&-how
wealth is created and distributed.
An economic
system in which individuals own and operate the majority of
businesses that provide goods and services.
Three
categories of resources: land, labor, capital.
All the
financial resources, buildings, machinery, tools, and equipment
that are used in an organization's operations.
An economic
system characterized by private ownership of property, free
entry into markets, and the absence of government intervention.
An economic
system in which individuals and firms are free to enter and
leave markets at will.
An economy in
which the answers to the three basic economic questions (what,
how, and for whom) are determined, to some degree, through
centralized government planning.
The average
level of output per unit of time per worker.
The total
dollar value of all goods and services produced by all citizens
of a country for a given time period.
The total
dollar value, adjusted for price increases, of all goods and
services produced by all the citizens of a country during a
given time period.
The total
dollar value of all goods and services produced by citizens
physically located within a country.
The market
situation in which there are many buyers and sellers of a
product, and no single buyer or seller is powerful enough to
affect the price of that product.
The quantity
of a product that producers are willing to sell at each of
various prices.
The quantity
of a product that buyers are willing to purchase at each of
various prices.
In pure
competition, the price at which the quantity demanded is exactly
equal to the quantity supplied.
A market
situation in which there are many buyers along with relatively
many sellers who differentiate their products from the products of competitors.
A market
situation (or industry) in which there are few sellers.
A market (or
industry) with only one seller.
An industry
requiring huge investments in capital and within which
duplication of facilities would be wasteful and, thus, not in
the public interest.
An economy
that exhibits elements of both capitalism and socialism.
Products
purchased by individuals for personal consumption.
