BMF Unit 2 Vocabulary

an economic system based on the private ownership of the means of production and their operation for profit

• Socialism

• Capitalism

• Free Market

• Traditional

characteristics of this system include capital accumulation, competitive markets, price system, private property, property rights recognition, voluntary exchange, and wage labor 

• Capitalism

• Market

• Socialism

• Traditional

Who is considered the Father of modern economics  

What is the name of the book by Adam Smith?

The rivalry between two or more businesses to attract scarce customer dollars 

• Consumerism

• Democracy

• Entrepreneurship

• Competition

is a social and economic order that encourages the acquisition of goods and services in ever-increasing amounts

• Consumerism

• Democracy

• Entrepreneurship

• Competition

Choosing among alternatives

• Ethical Principles

• Transparency

• Decision Making

• Democracy

Rivalry between or among businesses that offer similar types of goods or services

• Ethical Dilema

• Direct Competition

• Durable Goods

• Indirect Competition

Tangible items that should last a long time

• Durable Goods

• Non-Durable Goods

• touchable goods

• Competitive goods

The study of how to meet unlimited, competing wants with limited resources

• Competition

• marketing

• Social Responsibility

• Economics