Terms : Hide Images
| 126393591 | Intellectual Property | Patents, Copyrights, and Trademarks. | |
| 126393592 | Freedom of Enterprise | Guarantees individuals the right to use economic resources to produce their own choice of goods and services. | |
| 126393593 | Freedom of Choice | allows individuals and businesses to sell or give their property to whomever they choose, and for buyers to buy what they want and can afford. | |
| 126393594 | Competition | Includes in independent sellers and buyers acting with Rational Self Interest, and freedom of sellers and buyers to enter and leave markets at will with no barriers. | |
| 126393595 | Monopoly | Sole control over a single product or market. | |
| 126393596 | Specialization | Producers will produce only those goods which the seller is most efficiently producing. For example: Ford will not sell hamburgers. | |
| 126393597 | Division of Labor | Human specialization: Allows for individuals to make use of talents and abilities, takes practice, saves time, increases total output and uses resources most efficiently. | |
| 126393598 | Medium of Exchange | Money: It makes trade easier. | |
| 126393599 | Bartering | Trading goods for other goods. Inefficient because it requires a coincidence of wants. | |
| 126393600 | Fundamental Questions | What will be produced? How will goods and services be produced? Who will get the goods and services? How will the system accommodate change? | |
| 126393601 | Normal Profit | Payment for cost of entrepreneurial ability. | |
| 126393602 | Economic Profit | Pure profit. Over normal profit. Money left over after paying for FOP. | |
| 126393603 | Expanding Industries | Profitable industries. More sellers want to get in on the action. | |
| 126393604 | Shrinking Industries | Typically sustain negative profit. | |
| 126393605 | Dollar Votes | Consumers effectively "vote" for the existence of a product when they spend money on it. | |
| 126393606 | Consumer Sovereignty | Consumer Dollar Vote, and so have control over the success and availability of a product. | |
| 126393607 | Derived Demand | Demand for resources. Closely linked to the demand for the finished product. | |
| 126393608 | Guiding Principle of Prices | High prices guide resources to the appropriate industries. | |
| 126393609 | Creative Destruction | A firm that lags behind others with more efficient techniques loses competitive ground. |
