Free Markets
Any arrangement that allows buyers and sellers to exchange things
what is "Market?"
The central government own and controls all resources and means of production and makes all economic decisions
What is "Communisim"
A Property owned by individuals or companies and not by the government or the people as a whole
What is "Private property?"
What principle gives everyone the same legal rights?
What is "Legal equality?"
A shared good or service for which it would be inefficient or impractical to make consumers pay individually and exclude those who did not pay
What is a "Public good?"
The concentration of the productive efforts of individuals and businesses on a limited number of activities
What is "Specialization?"
A range of economic and political systems based on the belief that wealth should be evenly distributed throughout society
What is "Socialisim?"
Books, songs, or movies that individuals created
What is "Intellectual property?"
What gives people the right to control their possessions and use them as they wish?
What is "Private property rights?"
The part of the economy that involves the transactions of the government
What is the "Public sector?"
What takes place when producers compete to offer the lowest price for a good that is identical to goods made by other producers?
What is "Price competition?"
A kind of government that limits individual freedoms and requires strict obedience from their citizens
What is "Authoritarian?"
the act of selling enterprises operated by the government to individuals
What is "Privatization?"
A private organization that tries to persuade public officials to act in ways that benefit its members
What is an "Intrest group?"
The part of the economy that involves transactions of individuals and businesses would have little incentive to produce public goods
What is a "Private sector?
Consumers have the power to decide what gets produced
What is "Consumer sovereignty?"
What directly contrasts to free markets systems?
What is "Command economies?"
What doctrine says that the government generally should not intervene in the marketplace?
What is "Laissez faire?"
The right of a government to take private property for public use
What is "Eminent domain?"
The basic facilities that are necessary for a society and economy to function efficiently and grow
What is "Infrastructure?"
Competition and our own self-interest actually help to keep the marketplace functioning
Who is "Adam Smith?"
The government rather than individual producers and consumers answers the three basic questions.
What is a "Centrally planned economy?"
A period in which a nation moves from one economic system to another
What is "Economic transition?"
What requires companies to give consumers important information about the products or services
What is "Public disclosure laws?"
An economic side effect side effect of a good or service that generates benefits or costs to someone other than the person
What is "Externality?"