Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Ch.2 Vocab
Vocab #2
| Term | Definition |
|---|---|
| Traditional Economy | An economy in which production is based on customs and traditions |
| Command Economy | An economy in which a central government authority makes all basic economic decisions and controls the factors of production |
| Market Economy | An economy in which the government has little say in what,how, and for whom goods are produced and in which the factors of production are owned by individuals |
| Market | The free exchange of goods and services; also called the market place |
| Self-interest | The impulse that encourages people to fulfill their needs and wants |
| Incentive | Something that encourages an action or effort.Expectation of rewards and fear of losses are both incentives. |
| Mixed Economy | An economy that combines elements of traditional,market,and command economic models |
| Authoritarian socialism | An economic system in which the government owns or controls nearly all factors of production;also known as communism |
| Communism | Economic system in which the government owns or controls nearly all factors of production;also known as authoritarian socialism |
| Captialism | A market-based economic system in which individuals own snd control the factors of production |
| Democratic socialism | An economic system in which some means of producing and distributing goods are owned are controlled by an elected government |
| Free enterprise | A system under which business can be conducted freely with little government intervention |
| Private property | Goods that are owned by individuals and by businessses,rather than by the government |
| Contracts | Individuals also have the right to enter into agreements with one another to buy and sell goods and services |
| Competition | The economic rivarly that exists among businesses selling the same or similar products |
| Voluntary exchange | When porducers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such a trade are acceptable to both parties |
| Product Market | The market in which producers offer-and consumers purchase-final goods and services |
| Resource Market | The market in which households exchange resources with businesses and the government |
| Income | The money paid to households by business firms and the government in exchange for households' resources |
| Full employment | The lowest possible level of unemployment in the economy |
| Price stability | The overall price level of the goods and services available in the economy is relatively constant |
| Standard of living | People's economic well-being as determined by the quantity of goods and services they consume in a given period of time |
Created by:
econclass
Popular Economics sets