World History

3. equality a state of economic affairs in which equality of outcome has been manufactured for all participants.
4. choice people decide what to spend their money on based on their preferences and budget constraints.
8. creation building an abundance of valuable possessions or money.
10. welfare the well-being of a society.
11. and Inefficiency social system with a hierarchical structure and complex rules and regulations.
12. of Consumer Choice that relates preferences to consumption expenditures and to consumer demand curves.
13. and Scarcity when society has limited resources and refers to a situation in which production does not keep up with the demand
15. the state or quality of being efficient.
17. an individual who starts their own business

1. of Individual Freedoms the state of being free within society from oppressive restrictions imposed by authority on one's way of life,
2. inequality the extent to which income is evenly distributed within a population.
5. ownership the ownership of property by all members of a group.
6. the action or process of innovating.
7. Economy a type of economic system where financial decisions are made according to government plans.
9. of incentive something that is required but is absent or in short supply.
13. Safety Nets protect families from the impact of economic shocks, natural disasters, and other crises.
14. Examples based on or reconstructed Man's best friend
16. freedom freedom of opinion
18. the act of selfishly taking advantage of someone