Flashcards in 5.03 Deck (21):
The production and use of goods and services in a society.
The greatest possible conditions of society for the greatest number of people living in it.
The total amount of a good or service available for purchase.
The total amount of a good or service that people are willing to buy
The approach a country uses to deal with scarcity and achieve its economic goals
An economy based on culture and tradition to control the market.
An economy with individual economic freedom mixed with some government economic planning and regulation
An economy that is planned and controlled by the national government
Name given to the early leaders of the United States who helped design the nation's government
Plan detailing the structure, functions, and powers of the government of the United States, also known as the Congress.
An economic system that relies upon supply and demand to distribute resources and determine prices
A rule established by government or other source of authority to regulate people's conduct or activities.
An official rule or order that guides behavior related to laws, or to carry out a law.
Intending to prevent businesses from using practices that both prevent competition and lead to unfair profits
A single business that controls the market for a good or service
A document protecting the right of an inventor to make or sell an invention
A new invention, improvement, or new way of doing something
A maximum or minimum price set by law
Sherman Antitrust Act
Federal legislation from 1890 outlawing actions that lead to the creation of a monopoly.
Well organized and able to achieve goals with a minimum of resources, time, and effort.