An objective statement that can be tested using available evidence.

The study of economics within a small firm or specific market

A concept where individuals shouldn't own land/firms/capital but the whole community should.

The reduction or elimination of government power in a particular industry.

The study of the national economy.

Consumers and businesses decide what they want to produce and purchase in the marketplace.

The wants and needs of society are endless but the resources to satisfy these are finite.

The government largely determines what is produced and in what amount.

Customer-satisfying goods made from free resources that don't impose an opportunity cost on society.

Goods that satisfy the needs and wants of people directly