Basic Economic Principles

1. Market Economy/Free Market (Capitalism)

1.1. country's trade and industry are controlled by private owners for profit

1.2. no state

2. Adam Smith/ Wealth of Nations/ Invisible Hand

2.1. money in and of itself did not constitute wealth wealth but merely its marker

3. Self-interest vs. selfishness (greed)

3.1. selfishness is doing things out of greed for ones advancement

4. Division of Labor/ Specialization

4.1. the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency

5. Fabian Socialism

5.1. British socialist organisation

5.2. advance the principles of democratic socialism via gradualist and reformist effort in democracies, rather than by revolutionary overthrow

6. eco

6.1. home

7. market economy

7.1. individuals are making decisions

8. supply curve

8.1. curves up

9. market equilibrium

9.1. when the supplier and the demander reach a decision together

10. self interest is specifically for ones happiness and well being

11. I, pencil

11.1. the invisible hand

11.2. division of labor

11.3. self interest

11.4. cooperation

11.5. miracle of exchange

12. Graph of Supply & Demand/ market equilibrium/ shortage/ surplus/ scarcity/ opportunity cost

12.1. more demand requires more supply and vice versa, sometimes there are times when there is a big demand but not enough supply or opposite

13. Command Economy (Socialism)

13.1. social ownership of the means of production and workers' self-management

14. Laissez Faire

14.1. a policy or attitude of letting things take their own course, without interfering

15. United Order vs. Socialism

15.1. unit order was one of the earliest stages of the law of concretion

15.2. united order also meant everything would be in common

16. Role of Economic Virtue & Rule of Law in a Free Market

16.1. the rule of law is something everyone has thee ability to have, and virtue is having high moral standards

17. nomy

17.1. management

18. democratic socialism

18.1. people chose to live in a socialist way, they shift the power to the national government and away from themselves

19. demand curve

19.1. more people will want the product and it will go up, but when prices go down on a product, then it will go down

20. sacred graph of economics

20.1. supply, demand, equilibrium, and prices

21. role

21.1. economic virtue

21.2. the rule of law and role of virtue could easily clash

22. USA

22.1. occupies 6.6% of worlds. land

22.2. private property