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laissez-faire capitalism- or "pure capitalism"- Gov's role is limited.
command system is socialism or communism
market system is characterized by mixture of centralized gov economic initiatives and decentralized actions taken by individuals and firms. the mixture varies from country to country. private ownership of capital is allowed.
private property- freedom to negotiate binding legal contracts, enables individuals and businesses to obtain, use, and dispose of property resources as they see fit.
Self intrest is the motivating force of the various economic units as they express their free choices. each economic unit tries to achieve its own particular goal.
competition is important, 2 or more individuals fighting to sell the same thing.
market- is an institution or mechanism that brings buyers and sellers into contact.
specialization- using the resources of an individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of goods and services.
5 fundamental questions for a market system
what goods and services will be produce?
How will the goods and services be produced?
Who will get the goods and services?
How will the system accommodate change?
How will the system promote progress?
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