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Wealth
goods/services that promote the well-being of consumers.
ex: education, health care, shelter, clothing, food
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Ilth
goods/services that harm consumers
ex: cocaine, prostitution, pornography, tobacco
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Nealth
goods/services that have a neutral effect, neither helping nor harming the consumer.
ex: mouthwash, chia pets, bumper stickers
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Economic Freedom
consumers' implied right to choose the goods and services they want.
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Positive economic freedom of choice
the right to consume anything one wishes, along with the purchasing power necessary to implement that right.
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Negative economic freedom of choice
the lack of purchasing power to implement the right to consume anything an individual wishes
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Free Entry
the freedom to enter or supply; the implied right of any individual to enter a business or profession and to choose or to reject a job
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Full Information
the implied right of any individual to obtain essential information that allows intelligent choices in the market.
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Natural Restrictions
The authority of nature restricts and determines consumer choice. Nature can be awesome and destructive. When a disaster takes place, suddenly the supply of goods and services in that area is limited. Remaining goods usually are divided equitably among the survivors, not by means of the price system but instead by rational authoritative control.
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