Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password

Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.

Question

Traditional economy
click to flip
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know

Question

Command economy
Remaining cards (21)
Know
0:00
edit
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

Chapter 2

QuestionAnswer
Traditional economy Based on society's values- customs and traditions
Command economy relys on goverment officials to answer the three basic economic questions
market economy individuals answer the three basic economic questions
market free exchange of goods and services
self interest the impulse that incourages people to fulfill their needs and wants
incentive somemthing that incourages you to bnehave in a particular way
mixed economy combines elements of traditional , markets, and command economic models to answer the basic economic questions
authorization socialism Mixed economies that are closet to the pure command model
communism goverment owns or ocntrols nearly all known factors of production
capitalism individuals own the factors of production and answer the basic economic questions
democratic socialism the government own some of the factors of production
free eneterprise A system which business can be conducted freely with little government intervention
private property goods that are owned by individuals and by businesses rather than by the government
contracts Individuals also have the right to enter agreements with one another to buy and sell goods and services
competition economic rivalry that exist among businesses that are selling the same or similar products
voluntary exchange when producers and consumers unconditionally purchase and sell products and they believe the opportunity cost is acceptable for both parties
product market represents all the exchanges of goods and services in the economy
resource market the exchange of resources between households- individuals like you who the own the factors of production- and business firms and the goverment who are the users of the resources
income money paid to households by business firms and the government in echange for the households resources
full employment lowest possible level of unemployment in the economy
price stability achieved when the overall price level of the goods and services available in the economy is relatively constant
standard of living refers to people's economic well being
Created by: simplyrosiie
Popular Economics sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards