Free Enterprise System

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Free enterprise system is also called

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Free Market Economy

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If there is a high demand, but low supply of a product the price will...

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be higher

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Trading goods and services for other goods and services is called

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bartering

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Buying bubble gum and a soda from the gas station makes you a

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consumer

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When there is not enough of a good or service to meet peoples wants or needs it is called

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scarcity

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When the supply for a product is high, but the demand for the product is low, the price will

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be lower

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Making lemonade and selling it at a lemonade stand for 25 cents makes you a

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producer

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In a free market economy people can

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run any business they want

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The government's job in a free market economy is to

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make sure all businesses are run fairly

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Who gets to decide what price to sell a product for? Options: the store where it's being sold, the person or company that made it, the people buying it, the government

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the person or company that made it