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Term

Traditional Economy
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Command Economy
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Chapter 2

Econ

TermDefinition
Traditional Economy is based on a society's values- its customers and traditions
Command Economy relies on government officials to answer the three basic economic questions
Market Economy the government has no sayin what, how, and for whom goods are produced, and the factors of production are owned by individuals
Market this free exchange of goods and services
Self Interest the impulse that encourages people to fulfill their needs and wants
Incentive something that encourages you to behave in a particular way
Mixed Economy combines elements of traditional, market, and command economic models to answer the three basic economic questions
Authoritarian Socialism mixed economies that are the closest to the pure command model
Communism in these economies the government owns or controls nearly all the factors of production
Capitalism individuals own the factors of productions and and answer the basic economic questions
Democratic Socialism a type of mixed economy that the government owns some of the factors of production
Free Enterprise is a system under which business can be conducted freely with little government intervention.
private property goods that are owned by individuals and by businesses, rather than by government
Contracts agreements
Competition is the economic rivalry that exists among businesses selling the same or similar products
Resource Market represents the exchange of resources between households
Product Market represent all of the exchanges of goods and services in the economy
Income the money paid to households by business firms and the government in exchange for the households resources
Full Employment is the lowest possible level of unemployment in the economy
Price Stability is achieved when the overall price level of goods and services available in the economy is constant
Standard Of Living refers to the peoples economic well-being
Created by: BigDawg1
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