U.S. Free Enterprise System

A _____________ economy is an economic system that uses habits, customs and religion as a way of life.

A______________ takes place when people decide what they want to buy or sell and when they want to make a transaction.

This means having a limited number of resources to produce the things that people need and want.

Most economies today are ____________________________

In a capitalist economy, people willing take part in transactions.

Capitalism works because of ________________.

In a free enterprise economy, there is a limit on how many different companies can sell thhe same type of product.

If a consumer likes a product they will buy it and the company will not make a product.

The exchange of goods, services and money.

What are the four factors of production?

People decide what they want to buy or sell and when they want to make the transaction.

Private property rights give a person the desire to work hard and be successful.

In a _____________________, people have private property rights.

The struggle among sellers to attract consumers while lowering cost.

_______________ is the force that makes people want to improve their material well-being by making money.

The United States has a___________________ economy.

Something a person can not live without

A economic system in which the government makes the economic decisions

Voluntary Exchange, Private Property Rights, Profit Motive and Competition are the __________________________

The amount of money left over after production is paid for.