economics: section 3.6
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9 Terms
property
fill in the blank
the right of an individual to own ________ is the cornerstone of capitalism
real property
tangible items
financial property
money and investments
intellectual property
creative labor (music, patents, etc.)
enterprise
the freedom to use your own finances
competition
rivalry between similar businesses; results in lower prices for consumers
limited government
little to no government restriction on property, businesses, investments, etc.
circular flow model
the flow of the economic choices that are made by private households and private businesses
private households
private businesses
fill in the blank
the circular flow model is the flow of the economic choices that are made by _______ _________ and ________ ___________
Note 
Flashcards (43)