The American Free Market System  Created by smair   18 terms
free market economy  a market system that is allowed to operate
without alot of influence from the government  private property
individuals have the right to own personal property as well as
means of production without a lot of interference from the
government.   earnings after all expenses have been paid
rivalry between producers and/or between sellers of a good or
service. Competition usually results in better quality goods and
services at lower prices.  consumer sovereignty  through their
purchases, consumers determine what goods and services will be
produced.   a type of business organization with one owner who
takes all the risks and all the profits.   a type of business
organization with 2 or more owners who share the risks and all
the profits.   a form of business organization that is
authorized by law to act as a legal entity regardless of the
number of owners. Owners share the profits. Owner liability is
limited to the amount of their i