Examlex
Hippocrates argued that the heart is the ultimate source of human pleasures and pains.
Market Forces
The natural effects of supply and demand that determine prices and resource allocation in a market economy.
Collective Decision-Making
The use of the political process (voting, taxes, government spending, regulation, political bargaining, lobbying, and so on) to make decisions and allocate resources. In a democratic setting, the votes of citizens and their representatives will determine the actions undertaken.
Basic Economic Questions
Fundamental questions that every economic system must address: What to produce, how to produce, and for whom to produce.
Private-Property Rights
Legal provisions that allow individuals to own, control, and benefit from property such as land, buildings, or intellectual property.
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