| Term | Definition |
|---|
| Free Market | an economic system in which prices and wages are determined by unrestricted competition between businesses, without government regulation or fear of monopolies. |
| Socialism | a theory or system of social organization that advocates the vesting of the ownership and control of the means of production and distribution, of capital, land, etc., in the community as a whole. |
| Money | any circulating medium of exchange, including coins, paper money, and demand deposits. |
| Scarcity | insufficiency or shortness of supply; dearth. |
| Market Failure | a term used to describe a situation in which markets do not |
| Oppurtunity Cost | one way to measure the cost of something |
| Finance | the management of revenues; the conduct or transaction of money matters generally, esp. those affecting the public, as in the fields of banking and investment. |
| Labor | productive activity, esp. for the sake of economic gain. |
| Capital | the wealth, whether in money or property, owned or employed in business by an individual, firm, corporation, etc. |
| Capitalism | an economic system in which investment in and ownership of the means of production, distribution, and exchange of wealth is made and maintained chiefly by private individuals or corporations |
| laissez faire | is a French phrase meaning "let do" |
| Welfare | financial or other assistance to an individual or family from a city, state, or national government |
| Communism | a theory or system of social organization based on the holding of all property in common, actual ownership being ascribed to the community as a whole or to the state. |
| Production | the act of producing; creation; manufacture. |
| Economics | the science that deals with the production, distribution, and consumption of goods and services, or the material welfare of humankind. |
| Trade | the act or process of buying, selling, or exchanging commodities, at either wholesale or retail, within a country or between countries. |
| Profit | pecuniary gain resulting from the employment of capital in any transaction. |
| Fixed Cost | expenses whose total does not change in proportion to the activity of a business |
| Antitrust | opposing or intended to restrain trusts, monopolies, or other large combinations of business and capital. |
| Monopoly | exclusive control of a commodity or service in a particular market, or a control that makes possible the manipulation of prices |
| Unemployment | the state of being unemployed |
| Consumer | a person or organization that uses a commodity or service. |
| Microeconomics | a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources, typically in markets where goods or services are being bought and sold. |
| Distribution | an act or instance of distributing. |
| Income | the monetary payment received for goods or services, or from other sources, as rents or investments. |
| Tax | a burdensome charge, obligation, duty, or demand. |
| Macroeconomical | a branch of economics that deals with the performance, structure, and behavior of the economy as a whole |
| Recession | period of an economic contraction, sometimes limited in scope or duration. |
| Wealth | a great quantity or store of money, valuable possessions, property, or other riches |
| Product | a thing produced by labor |
| Equilibrium | a state of rest or balance due to the equal action of opposing forces. |
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