Answer:
1. Market.
2. Private property.
3. Competition.
4. Freedom of enterprise.
5. Self-interest.
6. Mutually agreeable.
7. Freedom of choice.
Explanation:
A. Market: An institution that brings buyers and sellers together.
B. Private property: the right of private persons and firms to obtain, control, employ, dispose of, and bequeath land, capital, and other property.
C. Competition: 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. Freedom of enterprise: 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. Self-interest: What each individual or firm believes is best for itself and seeks to obtain.
F. Mutually agreeable: 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. Freedom of choice: 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.
