Set of rules that governs what goods and services to produce, how to produce them, and for whom they are produced.
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, esp. as contrasted to cooperatively or state-owned means of wealth.
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
economic system in which the central government makes all decisions on the production and consumption of goods and services
Individual workers concentrate their labor on single tasks, enabling each worker to become more efficient and productive.
division of labor
The type of arrangement in which each worker specializes in a particular task or job.
money earned after a a business subtracts its cost from revenue. It is the principle incentive (reason) for starting a business in capitalism.
allocation of resources
business dictionary definition: Analysis of how scarce resources ('factors of production') are distributed among producers, and how scarce goods and services are apportioned among consumers.
A form of retirement fund that an employee to contributes directly through a deduction from their paycheck.