What term encapsulates the economic system where individuals are encouraged to want and buy goods, often incurring debt?

The term that best encapsulates the economic system where individuals are encouraged to want and buy goods, often incurring debt, is consumerism. Consumerism refers to the social and economic ideology that promotes the acquisition of goods and services in ever-increasing amounts. In a consumerist society, there is a strong emphasis on material goods, leading consumers to desire and purchase more products, which can sometimes result in taking on debt to fulfill these desires.

Capitalism, while closely related, focuses more broadly on the economic system in which private individuals own and control property and businesses, and the production of goods and services is determined by supply and demand in the market. However, it does not specifically address the encouragement of consumer behavior and debt.

A market economy involves the allocation of resources through the interactions of individuals and businesses, relying on supply and demand principles. Free enterprise emphasizes the individual's right to operate a business for profit with minimal government intervention. Neither of these terms directly conveys the cultural phenomenon of prioritizing consumption and accumulating debt that is characteristic of consumerism.