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Definition
| Sets forth economic roles for all members of the community |
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Definition
| Stable, predictable, and continuous life |
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Term
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Definition
| Discourages new ideas and new ways of doing things |
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Term
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Definition
| Stagflation and lack of progress |
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Term
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Definition
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Term
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Definition
| Capable of dramatic change in a short time |
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Term
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Definition
| Many basic education, health, and other public services available at little or no cost |
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Term
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Definition
| Does not meet wants and needs of consumers |
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Term
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Definition
| Lacks effective incentives to get people to work |
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Term
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Definition
| Requires large bureaucracy, which consumes resources |
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Term
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Definition
| Has little flexibility to deal with day-to-day changes |
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Term
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Definition
| Lacks room for individual initiative |
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Term
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Definition
| Individual freedom for everyone |
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Term
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Definition
| Able to adjust to change gradually |
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Term
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Definition
| Lack of government interference |
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Term
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Definition
| Decentralized decision making |
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Term
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Definition
| Incredible variety of goods and services |
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Term
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Definition
| High degree of consumer satisfaction |
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Term
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Definition
| Rewards only productive resources;does not provide for people too young, too old, or too sick to work |
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Term
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Definition
| Does not produce enough public goods such as defense, universal education, or health care |
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Term
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Definition
| Workers and businesses face uncertainly as a result of competition and change |
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