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economy organized way a society provides for the wants and needs of its people traditional economy economic system in which the allocation of scarce resources and other economic activity is the result of ritual, habit or custom command economy economic system characterized by a central authority that makes most of the major economic decisions market economy economic system in which supply, demand, and the price system help people make decisions and allocate resources social security federal program of disability and retirement benefits that covers most working people inflation rise in the general level of prices fixed securely placed or fastened or set / cost of productions that does not change when output changed profit extent to which persons or organizations are better off at the end of a period that they were at the beginning capitalism economic system in which private citizens own and use the factors of production in order to generate profits free enterprise economy in which competition is allowed to flourish with a minimum of government inference voluntary exchange act of buyers and sellers freely and willingly engaging in market transactions private property rights fundamental feature of capitalism, which allows individuals to own and control their possessions as they wish profit motive driving force that encourages people and organizations to improve their material well-being competition the struggle among sellers to attract consumers while lowering costs consumer sovereignty role of consumer as a ruler of the market when determining the types of goods and services produced mixed economy free enterprise market economy where people carry on their economic affairs freely, but are subject to some government intervention and regulation