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Necessity for life
something intangible
tools, factories, and equipment used in making goods and services (not Money!)
entrepreneur is a sparkplug to economic activity.
the mechanism which manages societies needs and wants
graph which shows various combinations of goods and services that can be produced.
you sacrifice one good or service for another good or service.
private citizens own the factors of production
government is charged with preserving competition through laws and regulations
government enforces laws against false advertising, unsafe food and drugs, environmental hazards, encroachment on personal freedoms like worker discrimination, protects property rights.
every member of society should have the freedom to make their own decisions.
we want to use our resources wisely so they are not wasted.
people who cannot afford healthcare are provided with basic services
In a capitalist economy, who owns the factors of production?
Ceterus Paribus