Economics Chapter 3, Sections 4-6: Capitalism and Entrepreneurs

Economics Chapter 3, Sections 4-6: Capitalism and Entrepreneurs

Terms to Know:

Section 4: The Factor of Capital

A subsistence economy is an economic system that provides barely enough to keep society alive.
Private capitalism is the system in which the majority of a nation's capital is owned and controlled by private individuals and businesses.
State capitalism is a system in which the owner of much of the nation's capital is a powerful, centralized apparatus called the collectivist state.
A capitalist is anyone who owns producer goods or owns a share of some business that produces goods.

Section 5: The Factor of Entrepreneurship

Entrepreneurship is the intelligent direction and supervision of natural and human economic resources.
An entrepreneur is a person who undertakes the management of economic enterprises on a bold scale, with some danger of losing his investment of money and time.
It is the entrepreneur who joins together the production factors and makes possible large-scale production and distribution.

Section 6: Achieving Economic Prosperity

Three main components of capitalism are:

(1) Property rights
(2) Freedom of Enterprise and Competition in a market environment
(3) Limited Government

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