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Definition
| the study of human efforts to satisfy seemingly unlimited wants through the use of limited resources |
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| an economic system providing free choice and individual incentive for workers, incentives, consumers, and business enterprises |
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Definition
| economic system in which buyers and sellers make free choices in the marketplace |
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Definition
| the philosophy that governemnt should keep its hands off the economy |
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Definition
| an economic system in which the government owns the basic means of production,distributes the products and wages, and provides social services such as healthcare and welfare |
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Definition
| capitalists who own the means of production |
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| workers who produce the goods |
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Definition
| an economic system in which the central government directs all major economic decisions |
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Term
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Definition
| an economic system in which the governemnt controls the factors of production |
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