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

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The principle that people may decide what agreements they want to enter into.

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Creations, such as books, songs, and symbols that consist of ideas rather than physical objects.

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A person or group of people living in a single residence.

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The process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace. 

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Economic system that has some market-based elements and some level of government involvement.

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The incentive that drives individuals and business owners to improve their material well being.

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The principle that people have the right to control their possessions and use them as they wish.

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Laws requiring companies to provide information to consumers about their products and services.

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A political system in which the government owns and controls all resources and means of production and makes all economic decisions.

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The hope of reward or fear of penalty which encourages a person to behave in a certain way.

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An arrangement that allows buyers and sellers to exchange goods and services and money.

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An economic state in which every resource is optimally allocated to serve each individual or entity in the best way while minimizing waste and inefficiency.

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The debate over if the government should spend more money on the military vs. on domestic problems.

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The social science that studies how people interact with value; in particular, the production, distribution, and consumption of goods and services.

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The resources people and companies use to produce goods and services.

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A private organization that tries to persuade public officials to act in ways that benefit their members.

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A situational decision that involves diminishing or losing one quality, quantity, or property in return for gains in other aspects.

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Unlimited products and services which are not essential to life, but are still wanted by humans.

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Products and services that are essential to human life.