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An objective statement that can be tested using available evidence.
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The study of economics within a small firm or specific market
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A concept where individuals shouldn't own land/firms/capital but the whole community should.
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The reduction or elimination of government power in a particular industry.
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The study of the national economy.
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Consumers and businesses decide what they want to produce and purchase in the marketplace.
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The wants and needs of society are endless but the resources to satisfy these are finite.
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The government largely determines what is produced and in what amount.
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Customer-satisfying goods made from free resources that don't impose an opportunity cost on society.
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Goods that satisfy the needs and wants of people directly