Term
| the method used by a society to produce and distribute goods and services |
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| economic system that relies on customs and habits to decide the 3 basic questions |
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| economic system in which decisions are based on voluntary exchange in markets |
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| economic system in which a central authority makes all decisions |
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| market-based economic system with limited government involvement |
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| an arrangement that allows buyers and sellers to exchange things |
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| a market in which firms purchase the factors of production from households |
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| the market in which households purchase the goods and services that firms produce |
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| the financial gain made in a transaction |
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| the struggle among producers for the dollars of consumers |
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| the doctrine that states that government generally should not intervene in the marketplace |
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| property owned by individuals or companies and not the government |
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| a political system characterized by a centrally planned economy controlled by a strong central government |
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| the force that encourages people to improve their material well-being |
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| the concept that people may decide what and when they want to buy and sell |
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