Examlex
Institutional discrimination is the
Consumer Sovereignty
The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes.
Legislation
Laws or legal statutes passed by a legislative body, governing body, or the process of enacting laws.
Market System
An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Private Ownership
The holding of property by non-governmental legal entities or individuals, allowing control and use of the property according to the owner's preferences.
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