economics vocabulary chapter 2
Terms in this set (16)
an organized way of providing for the ants and needs of their people
the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom
one in which a central authority makes the most of the WHAT, HOW, and FOR WHOM decisions
people and firms act in their own best interests to answer the WHAT, HOW, and, FOR WHOM questions.
a federal program of disability and retirement benefits that covers most working people.
a rise in the general level of price-occurs, workers need more money to pay for food, clothing, and shelter
an income that does not increase even though the prices go up
where private citizens, many of whom are entrepreneurs, own the factors of productions.
another term used to describe the american economy; competition is allowed to flourish with a minimum of government interference.
the act of buyers and sellers freely and willingly engaging in market transactions.
private property rights
the privilege that entitles people to own and control their possessions as they wish.
extent to which persons or organizations are better off at the end of a period than they were at the beginning; usually measured in dollars
the driving force that encourages people and organizations to improve their material well-being- is largely responsible for the growth of a free enterprise system based on capitalism.
the struggle among sellers to attract consumers while lowering costs.
describes the roles of the consumers as sovereign, or ruler, of the market.
people carry on their economic affairs freely, but are subject to some government regulation
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