What is free enterprise?
Free Enterprise Flashcard

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8th Grade
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Hard
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1.
FLASHCARD QUESTION
Front
Back
An economic system in which people are free to start their own businesses and own their own property
2.
FLASHCARD QUESTION
Front
What is private property?
Back
Something owned by individual people or groups
3.
FLASHCARD QUESTION
Front
What is the role of business owners in free enterprise?
Back
They can choose what to sell and how much to sell it for
4.
FLASHCARD QUESTION
Front
What determines the prices of goods in a free enterprise system?
Back
Supply and demand
5.
FLASHCARD QUESTION
Front
What is the definition of profit?
Back
The money a business has left after it has paid all its costs
6.
FLASHCARD QUESTION
Front
What is the definition of supply?
Back
The amount of a product that is available
7.
FLASHCARD QUESTION
Front
What is the definition of demand?
Back
The amount of a product that people are willing to buy
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