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

The study of the national economy.

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

The concept that individuals should have private control over industry/land/capitial.

An objective statement that can be tested using available evidence.

Shows the maximum possible output combinations of 2 goods or services the economy can achieve when all resources are efficiently used.

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

The study of economics within a small firm or specific market

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

A social science that studies the production, distribution or consumption of goods or services.