Match each term with the correct definition.private propertyfreedom of enterprisemutually agreeablefreedom of choiceself-interestcompetitionmarketa. An institution that brings buyers and sellers together.b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property.c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit.d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice.e. What each individual or firm believes is best for itself and seeks to obtain.f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off.g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers tospend their incomes in whatever way they feel is most appropriate
Match each term with the correct definition.
private property
freedom of enterprise
mutually agreeable
freedom of choice
self-interest
competition
market
a. An institution that brings buyers and sellers together.
b. The right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property.
c. The presence in a market of independent buyers and sellers who compete with one another and who are free to enter and exit the market as they each see fit.
d. The freedom of firms to obtain economic resources, decide what products to produce with those resources, and sell those products in markets of their choice.
e. What each individual or firm believes is best for itself and seeks to obtain.
f. Economic transactions willingly undertaken by both the buyer and the seller because each feels that the transaction will make him or her better off.
g. The freedom of resource owners to dispose of their resources as they think best; of workers to enter any line of work for which they are qualified; and of consumers to
spend their incomes in whatever way they feel is most appropriate
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