| A | B |
|---|
| private property | ownership & control of economic resources by private individuals and groups |
| private control of decision making | takes place in product markets, resource markets, and financial markets |
| competition | disposition of individuals to take on tasks through individual action motivated by individual rewards |
| freedom | primary social value |
| sovereignty | consumers decisions to buy determine what goods and services are produced....producers control the options available to consumers |
| meritocracy | according to the value of the resources that a person contributes to the economic process |
| prices and unmet need allocate resources | allocates economic resources away from the production processes where they are in surplus supply to towards those in short supply |
| creative destruction | creation of something new and the destruction of something old |
| private creation of credit | distinguishing characteristic of capitalism |
| unmet need | central dysfunction of capitalism |
| dilemma | uses unmet phical need to allocate resources, and if it fails to meet the need, it is unstable |
