the method used by a society to produce and distribute goods and services

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

An economic system in which a central authority (the government) makes all economic decisions.

economic system in which decisions on production and consumption of goods and services are based on a voluntary exchange between businesses and consumers

An economic system based on private ownership of capital

market-based economic system with limited government involvement

A system in which society, usually in the form of the government, owns and controls the means of production.

a minimum price that an employer can pay a worker for an hour of labor

any government system that provides monetary assistance to people with an inadequate or no income.

A general and progressive increase in prices

income that does not increase even when prices go up

Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference

the act of buyers and sellers freely and willingly engaging in market transactions

fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property

The financial gain made in a transaction

the force that encourages people and organizations to improve their material well-being

the struggle among producers for the dollars of consumers

role of consumer as ruler of the market when determining the types of goods and services produced

free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation