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Chapter 2 Economics

an economic system combining private and public enterprise.
a rise in the general level of prices
The act of buyers and sellers freely engage in market transactions
people carry on their economic affairs freely, but are subject to some government intervention and regulation.
North Korea is this type of economy
Ex. central African Mbuti
Doesn't increase if prices go up
South Korea has this type of economy
Where private citizens own the factor of production
Describes the role of the consumer as sovereign
Being able to own your own stuff
The struggle among sellers to attract consumers while lowering cost
Encourages the producer to improve on their prodoct
A federal program of disability and retirement benefits that cover most working people
Realities to the United goverment
Is the extent to which 11organizations are better off at the end of the peroid