economic system in which private citizens own and use the factors of production in order to generate profits

economic and political system in which factors of production are collectively owned and directed by the state; theoretically classless society in which everyone works for the common good

organized way a society provides for the wants and needs of its people

economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit, or custom

What to produce? How to produce? For whom to produce?

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

the driving force that encourages individuals and organizations to improve their material well-being; characteristic of capitalism and free enterprise.

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

the struggle among sellers to attract consumers while lowering costs

protector, provider, regulator, consumer, producer

the act of controlling business behavior through a set of rules or laws

full employment, price stability, economic freedom, economic growth, economic efficiency, economic security, economic stability

Assigning available resources, or factors of production, to specific uses chosen among many possible and competing alternatives. It involves answering "What to produce" and "How to produce".

The way the national income is divided into "shares" ranging from the poor to the rich.

economic product that is consumed collectively; highways, national defense, police and fire protection

Market where any of the requirements for a competitive market - adequate competition, knowledge of prices and opportunities, mobility of resources, and competitive profits - are lacking

degree to which productive resources are used efficiently; normally refers to labor, but can apply to all factors of production

Allows for the greatest level in economic growth - Investment in human capital, capital goods, and the 4 factors of production

Quality of life based on ownership of necessities and luxuries that make life easier.

sum of people's skills, abilities, health, and motivation

The application of scientific knowledge for practical purposes

a firm's acquisition of capital assets or fixed assets such as manufacturing plants and machinery that is expected to be productive over many years

a system that combines characteristics of market, command and traditional economies

The freedom to own property, to make a profit, and to make choices about what to produce, buy, and sell

the idea that the less fortunate members of society should get the economic support they need to live a decent life including unemployment insurance, social security and well fare programs

The goal to control a rapid change in prices, either up or down. Consider the impact of inflation on those living on fixed incomes.

the ability of the economy to increase the production of goods and services

wise use of available resources so as to obtain the greatest benefits possible

the condition in which virtually all who are able and willing to work are employed.

A system in which society, usually in the form of the government, owns and controls the key resources or industries but allows some free markets and private ownership of resources.