| A | B |
|---|
| to leave alone, "let it be" | Laissez-faire |
| economic principle, first postulated by Adam Smith, use to describe the self-regulating nature of the marketplace | Invisible Hand |
| markets such that no participants are large enough to have the market power to set the price of a product | Competition |
| an act or instance of working or acting together for a common purpose or benefit; joint action. | Cooperation |
| aact of selection | Choices |
| consumer rule the market, determine what is produced | Consumer Sovereignty |
| owned by individuals or firms over which their owners have exclusive and absolute legal rights, such as land, buildings, money, copyrights, patents, etc | Private property |
| reason to make money or start a business | profit motive |
| is any factor that enables or motivates a particular course of action, or counts as a reason for preferring one choice to the alternatives | Incentives |
| Book written by Karl Marx | Communist Manifesto |
| Book written by Adam Smith | Wealth of Nations |
| an economic theory that the government should lower taxes and spend money to start economic recovery | Keynesian Theory |
| government expenditure and revenue collection to influence the economy | Fiscal Policy |
| the practice of spending funds in excess of income, esp. by a government | Deficit Spending |
