Kulp

Kulp for pure capitalism: an economic system where ownership and decision-making is predominantly the responsibility of private individuals, rather than the government. pure communism: an economic system where ownership of human and nonhuman resources, as well as all decision- making is bestowed on society as a whole. quota: a quantity restriction on the sale or importation of a good or service. rational self interest: an assumption within economic analysis stating that individuals will behave in such a way as to maximize the net benefit of their actions. rationing: the process of allocating goods and services among demanders, typically on the basis of one’s willingness to pay a specific price to obtain the good. recession: a fall in economic activity that can be observed through decreases in real GDP and increases in unemployment. regressive tax: a tax where persons with lower incomes pay a greater percentage of their income in taxes than do higher income groups. Kulp 2016.

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