Java Games: Flashcards, matching, concentration, and word search.

Chapter 2

businessAn establishment or enterprise that supplies goods and services in exchange for some form of payment.
capitalism, free enterprise system, market economy, or private enterprise systemAn economic system in which most economic resources are privately owned and decisions about productino are largely made by free exchange in the market place.
competitionThe rivalry among business to sell their goods and services to buyers.
custom-based economyAn economic system in which goods are produced the way they have always been produced
directed or planned economyAn economic system in which government owns and controls the economic resources and makes all of the decisions regarding the productino of goods and services.
economic systemA nation's plan for making decisions on what to produce, how to produce, and how to distribute goods and services.
marketplaceAny place where buyers and sellers exchange goods and services for some form of money.
private enterpriseThe right of the individual to choose what business to enter and what to produce with only limited direction from the government.
private propertyThe right to own, use, or dispose of things of value.
profitMoney left from sales after subtracting the cost of operating the business.
profit motiveThe right to work for profit.
market economyAn economy in which individuals are free to engage in business transactions with buyers who are able and willing to buy and sellers who supply goods and services from which they earn a profit.
voluntary exchangeBuyers and sellers make their own economic decisions to determine what the price will be for goods and services produced and sold.

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