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| an organized way of providing for the wants and needs of their people |
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| the allocation of scarce resources, and nearly all other economic activity, stems from ritual, habit, or custom |
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| economic system characterized by a central authority that makes most of the mahor economic decisions |
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| economic system in which supply, demand, and the price system help people make decisions and allocate resources; same as free enterprise economy |
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| a federal program or disability and retirement benefits that covers most working people |
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| a rise in the general level of prices |
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| an income that does not increase even though prices go up |
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| where private citizens, many of hwom are entrepreneurs, own the factors of production |
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| another term used to describe the American economy |
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| the act of buyers and sellers freely and willingly engaging in market transactions |
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| the privilege that entitles people to own and control their possessions as they wish |
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| the extent to which persons or organizations are better off at the end of a period than they were at the beginning |
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| 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 |
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| the struggle among sellers to attract consumers while lowering costs |
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| describes the role of the consumer as sovereign, or ruler, of the market |
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| mixed economy/modified private enterprise economy |
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| free enterprise market economy where people carry on their economic affairs freely, but re subject to some government intervention and regulation |
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