Economics Chapter 3: Section 1-2

Created by jrogers

Question or Hint Answer or Word

Free enterpise system is another name for capitalism, an economis system based on private ownership of productive resources
open opporunity is the abiity of everyone to take part in the market by free choice
legal equality is the siutation in which everyone has the same economic rights under the law
free contract is a situation in which people decide which legal agreements to enter into
profit motive is the force that encourgaes people and organizations to improve their material well being form economic activities
profit is the money left over after the costs of producing a good or service have been subtracted form the reveneue gained by selling that good or service
Modified free enterprise economy is the free enterpise economic system with some governement involvement