econ ch2 - EconStudyGuide 22:08 HAPTER2 C

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Econ Study Guide 22:08 CHAPTER 2     command system      – socialist or communist system in whch the government owns  most property resources and economic decision making occurs through a central  economic plan. Freedom of enterprise      ensures that entrepreneurs and private businesses are  free to obtain and use economic resources to produce their choice of goods and  services and to sell them in their chosen markets.  Freedom of choice      enables owners to employ or dispose of their property and  money as they see fit. It also allows workers to try and enter any line of work for  which they are qualified. Finally, it ensures that consumers are free to buy the  goods and services that best satisfy their wants and that their budgets allow. Self interest      – the motivating force of the various economic units as they express  their choices. I.e. each economic unit tries to achieve its own particular goal, 
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econ ch2 - EconStudyGuide 22:08 HAPTER2 C

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