Capitalism Vocab

Front

Fundamental law stating that as prices rise, production increases.

Back

Law of Supply

Front

Foundational beliefs of modern free-market economics.

Back

Wealth of Nations

Front

Economic theory where trade and industry are privately owned for profit, not state-controlled.

Back

Capitalism

Front

Eliminating tariffs to enhance regional and interregional trade.

Back

Free Trade

Front

Limited goods/services vs. unlimited wants

Back

Scarcity

Front

Term for when supply meets consumer demand.

Back

Equilibrium

Front

Concept that profit-driven individuals meet society's needs.

Back

The Invisible Hand

Front

French term for ‘hands off’ in economy.

Back

Laissez Faire

Front

Study of economics focused on individual factors and decisions.

Back

Microeconomics

Front

Study of how people satisfy needs and wants through choices.

Back

Economics