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Definition
| an organized need of providing for wants and needs of society |
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Definition
| economic system in which basic economy activity stems from ritual, habbit, or custom |
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Definition
| desicions are made by central authority |
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Term
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Definition
| basic economic desicions are made by people and firms acting in their own best interest |
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Term
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Definition
| relatively small degree of gov interference |
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Term
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Definition
| an economic goal that is based on the deire of people to use resources wisely |
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Term
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Definition
| an economic goal that is based on preventing inflation |
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Term
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Definition
| a federal program of disability and retirement benefits |
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Term
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Definition
| en economic goal that is based on the desire of people to make their own desicions |
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Term
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Definition
| economic system in which private citizens own factors of production |
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Term
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Definition
| the driving force that encourages people and organizations to improve their matierial and well being |
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Term
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Definition
| a charecteristic of capitalisim in which buyers and sellers feely and willlingly engage in market transactions |
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