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guarantees equal treatment under the law.

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one´s personal interest or advantage,especially when pursued without regard for others

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an area or arena in which commercial dealings are conducted

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the activity or condition of competing

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having a solid, almost unyielding surface or structure.

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a science which inquires into the nature and cause of wealth of nations

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as production shifts from one item to another, more and more resources are necessary to increase production of the second item

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To utilize less than fully or below the potential use.

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the state or quality of being efficient

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a graph that shows all of the different combinations of output that can be produced given current resources and technology.

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a balance achieved between two desirable but incompatible features

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an authoritarian person.

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policy or practice based on the political and economic theory of socialism

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an economy in which production, investment, prices, and incomes are determined centrally by a government.

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economic system in which a central authority, such as a government, makes economic decisions regarding the manufacturing and the distribution of products.

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refers to creations of the mind,such as inventions

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considered to be countries which are undertaking macroeconomic reforms in an attempt to alter the way in which their economies are manager.

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an economic system combining private and public enterprise.

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essentially anyone or anything other than the government.

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Private Property: property owned by private parties - essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (for example, copyrights or patents ).

This is distinguished from Public Property, which is owned by the state or government or municipality.

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Private Property: property owned by private parties - essentially anyone or anything other than the government. Private property may consist of real estate, buildings, objects, intellectual property (for example, copyrights or patents ). This is distinguished from Public Property, which is owned by the state or government or municipality.

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a policy or attitude of letting things take their own course, without interfering.

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However, Adam Smith and the notable classical economists, such as Thomas Malthus and David Ricardo, did not use the phrase. Jeremy Bentham used the term, but it was probably[original research? ] James Mill's reference to the " laissez-faire" maxim (together with " pas trop gouverner") in an 1824 entry for the Encyclopædia Britannica that really brought the term into wider English usage.