FYMC (jerry) last test
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5 Terms
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Four Key Features of the “pure model”
capitalist free market
The means of production are privately owned, Profit motive, Trade mediated by supply and demand, Free competition
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The means of production are privately owned
Individuals or firms, under a system of secure property
rights, hold property in land, raw materials, and other
goods
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Profit motive
Goods are produced for profit, rather than to satisfy the
consumption needs of the producer, or of other needy
people.
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Trade mediated by supply and demand
All goods are distributed by voluntary exchange on a
market regulated by laws of supply and demand.
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