Examlex
Adapted from science to human behaviour, structural systems theory examines the fit between an individual and his or her systems as well as interactions that take place within and across systems.
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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