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economics
vocab 2
| Term | Definition |
|---|---|
| traditional economy | an economy in which production is based on customs and tradition |
| command economy | an economy in which a central government authority makes all basic economis decisions and controls the factors of production |
| market economy | an economy in which the govrnment has little say in what, how, and for whom goods are produced and in which these factors of production are owned by individuals |
| market | the free exchange of goods and services also called the market place |
| south interest | the impulse that encourages people to fullfill 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 the 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 communication |
| communism | economic system in which the government owns or controls nearly all factors of production also known as authoritarian socialism |
| capitalism | a market based economic system in which individuals own and control the factors of production |
| democratic socialism | an economic system in which some some means of producing and distributing goods are owned or controled by an elected government |
| free enterprise | system in which private business operates with minimal government involvement |
| private property | property that is owned by individuals and businesses rather than the government |
| contrast | a legally binding agreement either oral or written between individuals such as to buy and sell goods and services |
| voluntary exchange | the unconditional and mutually beneficial transfer of products between producers and consumers |
| 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 | 1)money payments that households recieve from business firms and the government in exchange for resources 2)funds that a business takes in for supplying goods or services |
Created by:
econwestside
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