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Underutilization: the state of not being used enough or not used to full potential.

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Underutilization: the state of not being used enough or not used to full potential.

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Market: a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. 

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Market: a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. 

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Adam Smith: Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.

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Adam Smith: Adam Smith was an economist and philosopher who wrote what is considered the "bible of capitalism," The Wealth of Nations, in which he details the first system of political economy.

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Household: A household is a social unit consisting of a home with people in it.

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Household: A household is a social unit consisting of a home with people in it.

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Needs: something that is necessary for an organism to live a healthy life.

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Needs: something that is necessary for an organism to live a healthy life.

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Wants: a want is something that is desired. 

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Wants: a want is something that is desired. 

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Labor: effort that people contribute to the production of goods and services. 

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Labor: effort that people contribute to the production of goods and services. 

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Private Property Rights: they are one of the pillars of capitalist economies, as well as many legal systems, and moral philosophies.

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Private Property Rights: they are one of the pillars of capitalist economies, as well as many legal systems, and moral philosophies.

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Patriotism: Patriotism or national pride is the feeling of love, devotion, and sense of attachment to a homeland or the country and alliance with other citizens who share the same sentiment to create a feeling of oneness among the people.

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Patriotism: Patriotism or national pride is the feeling of love, devotion, and sense of attachment to a homeland or the country and alliance with other citizens who share the same sentiment to create a feeling of oneness among the people.

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Public interest: the interest shared by the citizens of the state or community at large in the affairs of government

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Public interest: the interest shared by the citizens of the state or community at large in the affairs of government

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Command economy: A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. 

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Command economy: A command economy is where a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. 

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Communism: a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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Communism: a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.

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Authoritarian: favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedom.

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Authoritarian: favoring or enforcing strict obedience to authority, especially that of the government, at the expense of personal freedom.

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Specialization: the concentration of the productive efforts of individuals and businesses on a limited number of activities. 

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Specialization: the concentration of the productive efforts of individuals and businesses on a limited number of activities. 

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Factor market: an arena of exchange where for example firms purchase or rent land. product market: The arena in which households buy the goods and services that firms produce is the product market. 

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Factor market: an arena of exchange where for example firms purchase or rent land. product market: The arena in which households buy the goods and services that firms produce is the product market. 

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Incentive: an incentive is the hope of reward or fear of penalty that encourages a person to behave a certain way. 

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Incentive: an incentive is the hope of reward or fear of penalty that encourages a person to behave a certain way. 

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Competition: a struggle among producers for the dollars of consumers. 

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Competition: a struggle among producers for the dollars of consumers. 

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Consumer Sovereignty: where consumers have the power to decide what gets produced. 

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Consumer Sovereignty: where consumers have the power to decide what gets produced. 

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Laissez Faire: an economic theory from the 18th century that opposed any government intervention in business affairs.

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Laissez Faire: an economic theory from the 18th century that opposed any government intervention in business affairs.

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Mixed Economy: a system that combines aspects of both capitalism and socialism.

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Mixed Economy: a system that combines aspects of both capitalism and socialism.