C2S3 - Market Economies
Flashcard
•
Business
•
12th Grade
•
Easy
Jared Pimentel
Used 2+ times
FREE Resource
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7 questions
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1.
FLASHCARD QUESTION
Front
laissez faire
Back
means “leave things alone”
2.
FLASHCARD QUESTION
Front
consumer sovereignty
Back
the idea that consumers are free to buy what they want
3.
FLASHCARD QUESTION
Front
product market
Back
market for goods and services
4.
FLASHCARD QUESTION
Front
factor market
Back
market for factors of production
5.
FLASHCARD QUESTION
Front
profit
Back
financial gain from a business transaction
6.
FLASHCARD QUESTION
Front
specialization
Back
involves concentrating efforts in a certain area
7.
FLASHCARD QUESTION
Front
competition
Back
the foundation of market economies.
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