Term
|
Definition
| The force that encourages people and organization to improve their material well-being |
|
|
Term
|
Definition
| the concept that everyone can complete in the market palce |
|
|
Term
|
Definition
| the concept of giving everyone the same legal rights |
|
|
Term
|
Definition
| people have the right to control their possessions |
|
|
Term
|
Definition
| ablilty to decide what agreement you want to get into |
|
|
Term
|
Definition
| people decide when they want to buy and sell |
|
|
Term
|
Definition
| rivalry among sellers who attract costumers while lowering costs |
|
|
Term
|
Definition
| a private group that tries to persuade public officials to vote according to the members' interests |
|
|
Term
|
Definition
| laws reuiring companies to provide information about their products |
|
|
Term
|
Definition
| the concerns of the public as a whole |
|
|
Term
|
Definition
| the study of the behavior and decision making of entire economies |
|
|
Term
|
Definition
| the study of the economic behavior and decision making of SMALL units {families , individuals , businesses} |
|
|
Term
|
Definition
| total value of all final goods produced in a particular economy |
|
|
Term
|
Definition
| a period of macro-economic expansion followed by a period of contraction |
|
|
Term
|
Definition
| a commitment to the value of work and purposeful activity |
|
|
Term
|
Definition
| process used to produce a good or service |
|
|
Term
|
Definition
| a shared good or service for which it would be impractical to make consumers pay individually and to exclude nonpayers |
|
|
Term
|
Definition
| part of the economy that involves the trasactions of the gov . |
|
|
Term
|
Definition
| part of the economy that involves the transaction of individuals and businesses |
|
|
Term
|
Definition
| someone who would not choose to pay for a certain good but would get benefits of it anyways if it were provided as a public good |
|
|
Term
|
Definition
| a situation where the market doesn't distribute resources efficiently |
|
|
Term
|
Definition
| an economic side effect of a good that generates benefits to someone other than the person deciding how much to produce or sonsume |
|
|
