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Economics Ch 2 Sec 3

AB
capitalismeconomic system in which private citizens own the factors of production
profit motivethe driving force that encourages people and organizations to improve their material well-being
competitionthe struggle among sellers to attract consumers while lowering costs
voluntary exchangea characteristic of capitalism in which buyers and sellers freely and willingly engage in market transactions
mixed economyeconomy in which free economic activity is subject to some government intervention and regulation


Business Teacher
Bennington High School
Bennington, KS

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