Simplify; ×

question 358

Essay

Simplify;
×

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Definitions:

Supply And Demand

Basic economic concept that describes the balance between the availability of a product or service and the desire (demand) for it.

Free Enterprise System

An economic system where private businesses operate in competition, largely free of state control, with limited government intervention.

Market System

An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.

Property Rights

Legal rights to possess, use, and dispose of assets including real property (land and buildings) and intellectual property.