Term
| Voluntary Exchange/Non-Fraudulent Exchange |
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Definition
| the process of willingly trading one item for another. |
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Term
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Definition
What to produce?
How to produce?
For whom, to produce?
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Term
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Definition
| the government controls all aspects of the economy. For example a communist country such as China. |
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Definition
| all the economic decisions are made by the people and businesses, very little government involvement. For example U.S.A. |
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Definition
| an economy that includes a mix of capitalist and socialist. A combination of private economic freedom and government regulation. For example the United Kingdom. |
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Definition
| the intent to achieve monetary gain in a transaction or material endeavor. |
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Definition
| the notion that consumers are "king" of the economy because they're the ones who will ultimately determine what goods and services are produced and how limited resources are used. |
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Definition
| a law that contains the way a business can operate. |
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Definition
| ownership by citzens not the government or a company that is owned by private shareholders. |
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Definition
| the freedom to prosper within a country without intervention from a government or economic authority. |
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