Term
|
Definition
| The force that encourage people and organizations to improve their material well being. |
|
|
Term
|
Definition
| The concept that everyone can compete in the market place. |
|
|
Term
|
Definition
| The concept of giving everyone the same legal rights. |
|
|
Term
|
Definition
| The concept that people have the right and privilege to control their possessions as they wish. |
|
|
Term
|
Definition
| The concept that people may decide what agreements they want to enter into. |
|
|
Term
|
Definition
| The concept that people can decide what and when they want to buy and sell. |
|
|
Term
|
Definition
| The rivalry among sellers to attract customers while lowering costs. |
|
|
Term
|
Definition
| A private organization that tries to persuade public officials to act or vote according to a group member interest. |
|
|
Term
|
Definition
| Laws requiring companies to provide full information about their products. |
|
|
Term
|
Definition
| The concerns of the public as a whole. |
|
|
Term
|
Definition
| The study of the behavior and decision making of entire economies. |
|
|
Term
|
Definition
| The study of the economic behavior and decision making of small units such as individuals, families, and businesses. |
|
|
Term
|
Definition
| The total value of all final products and services produced in a particular economy. |
|
|
Term
|
Definition
| A period of Macroeconomic expansion followed by a period of contraction. |
|
|
Term
|
Definition
| A commitment to the value of work and purposeful activity. |
|
|
Term
|
Definition
| The process used to produce a good or service. |
|
|
Term
|
Definition
| The part of the economy that involves the transactions of the Government. |
|
|
Term
|
Definition
| The part of the economy that involves transactions of individuals and businesses. |
|
|
Term
|
Definition
| Someone who would not choose to pay for a good or service but would benefit from it anyway if it were provided as a public good. |
|
|
Term
|
Definition
| A situation in which the market does not distribute resources evenly. |
|
|
Term
|
Definition
| An economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume. |
|
|
Term
|
Definition
| An income level below that which is needed to support families or households. |
|
|
Term
|
Definition
| Government aid to the poor. |
|
|
Term
|
Definition
| Direct payments of money to eligible poor people. |
|
|
Term
|
Definition
| Goods and services provided for free or at a greatly reduced price. |
|
|
