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American Government - 23.1 Vocab
American Government - 23.1 Vocab
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| A | B |
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| capitalism | individuals free to own means of production |
| capitalism | individuals may maximize profits |
| US economic system | capitalism |
| factors of production | land, capital, labor |
| land | all natural resources |
| capital | human-made resources producing goods, services |
| labor | human resources |
| entrepreneur | enterpriser |
| entrepreneur | individual with drive to combine land, labor, capital to produce goods. |
| free market | buyers, sellers free to buy and sell |
| just compensation | fair payment for loss |
| law of supply and demand | determines market price for goods/serivces |
| monopoly | one source for a product |
| laissez-faire theory | government should be limited in society |
| foreign relations | government activity |
| national defense | government activity |
| liable | responsible, obligated |
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