Laissez-faire capitalism: Is an economic environment in which transactions between private parties are free from tariffs, government subsides and enforced monopolies.
Free market: Isa structure in which the distribution and costs of goods and services, wages and rates are coordinated by supply and demand by the government, regulation or control or a monopoly.
Law of supply and demand: Is an economic model of price and determination in a market.
Law of self-interest: Is a philosophy in ethics, which states that a person, acts further the
interest of other.
Law of competition: applies to companies who offer goods for sale and compete to get customers to buy their products. Competition Law is designed to prevent companies from trading unfairly.
The invisible hand: is a metaphor conceived by Adam Smith to describe the self-regulating behavior
of the market place.
Contract: A contract is a legally binding or valid agreement between two parties.
Free trade: a policy by which a government does not discriminate against imports or
interfere with exports, subsides or quotas.
Balance of trade: is the largest component of a country's balance of payments. Debit items include imports, foreign aid, domestic spending abroad and domestic investments abroad.
Zero-sum game: a mathematical representation of a situation in which participant’s gain or
loss of utility is exactly balanced by the losses of gains of the utility of
the other participants.
Protectionism: is an economic policy meant to benefit domestic producers of goods and services.
Embargo: the partial or complete prohibition of commerce and trade with a particular
country.
Quota: A government-imposed trade restriction that limits the number, or in certain cases the value, of goods and services that can be imported or exported during a particular time period.
Tariff: : a tax imposed on imports in a country.
Comparative advantage: is an economic law that demonstrates the ways in which protectionism is unnecessary in free trade.
Trading partner: One of the two or more participants in an ongoing
business relationship.
Niche product: Is a specialised and often technical product. It's designed for a small market and often is complicated.
Specialization: An agreement within a community, group, or organization under which the members most suited for a specific activity or task assume greater responsibility for its execution or performance.
Life expectancy: The average amount of years remaining in a person’s life, as per the
mortality table being used as a reference.
Birth rate: The ratio of total live births to total population in a specified community or area over a specified period of time. The birthrate is often expressed as the number of live births per 1,000 of the population per year. Also called natality.
Replacement rate: The rate at which stock-keeping units (SKUs) are ordered to replace
depleted stores.
Carrying capacity: The carrying capacity is the size of a population that can live indefinitely using the resources available where that population lives.
Utilitarianism: Utilitarianism is the moral belief that an action is right if it produces the greatest good for the most number of people.
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