Minimal amounts of food, clothing, shelter, education, health care, and
access to public decision making.
An economic system in which natural resources and machinery can be
privately owned.
An economic system in which natural resources and machinery are owned by
collective bodies.
A socialist who believes that socialist economies will eventually reach a
state of communism, in which most or all important goods will be
free, scarcity will no longer exist, and there will be no need
for economics.
Economic growth plus improvements in the quality of life and distribution
of goods and services.
More output per capita of essentially the same collection of goods and
services.
The study of how individuals and societies deal with the problems of
scarcity and the methodologies that have been developed for
analyzing such problems.
The combinations of institutions that different societies have developed
to deal with economic problems.
Fairness in the distribution of consumption, income, or wealth.
A sustained increase in the general level of prices.
The part of economic analysis that deals with aggregate economic
activity; its two main topics are inflation and unemployment.
Unemployment that exists throughout the whole economy and that is not
related to particular decisions about what or how to produce.
An economy in which the interaction of buyers and sellers is the main
mechanism for making choices.
The part of economic analysis that deals with the behavior of decision
makers in the economy.
Unemployment that is due to decisions about what or how to produce.
An economy in which the government coordinates decisions in the three
microeconomic areas of what to produce, how to produce, and for
whom to produce.
A situation in which the amount of something actually available would not
be sufficient to satisfy the desire for it if it were provided
free.
An economic system in which the state owns the natural resources and
machinery.
A measure of the material well being of a person or a community.
An economic system characterized by common ownership of property,
bartering, centralization of decision making authority in the
rulers, and reliance on divine help.
When some people who are qualified and willing to work at going wage
rates are not able to find a job.
