| A | B |
|---|
| why we have so many products | competition |
| Why society must develop a system for deciding how to use resources | to meet people's needs |
| In Priv Enter who answers 3 basic econ ?'s | business and individuals |
| freedom in the marketplace | can buy anything legal |
| examples of private property | shoes, car, house |
| Benefit of owning private property | encourages savings/investing |
| economic basis for private enterprise system | profit motive |
| individuals/businesses primary decision makers, government is regulator | How US system functions |
| basic role of US government | Protect citizens |
| American private enterprise system often described as this | Price-directed |
| disadvantage of private enterprise system | unemployment, poverty, unequal distribution of wealth |
| Priv enter economy says people do better when they do this themselves | Set their own goals |
| A basic economic freedom that is NOT guaranteed | Opportunity for success |
| can choose where to work | freedom to choose |
| They produce new products | entrepreneurs |
| A difference in some other economies | unable to improve their standard of living |
| These aren't necessary for every sale | government permit |
| Workers compete for these | Jobs |
| Limits to economic freedom | making choices, competition, limited resources |
| Governmental limit on freedom | taxes |
