Confidence is the state of being clear-headed: either that a hypothesis or prediction is correct, or that a chosen course of action is the best or most effective. Confidence comes from the Latin word fidere which means "to trust". In contrast, arrogance or hubris is a state of unmerited confidence—belief lacking evidence and/or a reason. Overconfidence or presumptuousness is excessive belief in success without regard for potential failure.
Self-esteem is confidence in one's own worth, abilities or morals. Self-esteem encompasses beliefs about oneself (for example, "I am loved", "I am worthy") as well as emotional states, such as triumph, despair, pride, and shame. Smith and Mackie (2007) defined it by saying "The self-concept is what we think about the self; self-esteem, is the positive or negative evaluations of the self, as in how we feel about it (see Self).
In psychology, self-efficacy is an individual's belief in their capacity to act in the ways necessary to reach specific goals. The concept was originally proposed by the psychologist Albert Bandura. Self-efficacy affects every area of human endeavor. By determining the beliefs a person holds regarding their power to affect situations, self-efficacy strongly influences both the power a person actually has to face challenges competently and the choices a person is most likely to make.
Self-care has been defined as the process of establishing behaviors to ensure holistic well-being of oneself, to promote health, and actively manage illness when it occurs. Individuals engage in some form of self-care daily with food choices, exercise, sleep, reading and dental care. Self-care is not only a solo activity as the community—a group that supports the person performing self-care—overall plays a large role in access to, implementation of, and success of self-care activities.
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand. The major characteristic of a market economy is the existence of factor markets that play a dominant role in the allocation of capital and the factors of production.
