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Tradition
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Traditional economy
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Econ

Chapter 2

TermDefinition
Tradition something that is passed down for one group to another
Traditional economy an economy that does things as they were done in the past; custom and tradition determine questions
Ancestor a person who lives before your time
Rural away from the city
Command economy an economy in which government leaders give the answers to the three economic questions
Heavy industry large-scale production of basic items
Agriculture farming
Consumers goods everyday items that people purchase
Socialism the belief that governments rather than individuals should own a country’s major industries
Utility items such as electricity, water, or gas
Welfare aid (money or goods for those in need)
Democracy a government in which citizens take part
Representative an elected leader who makes and carries out laws
Democratic socialism a government in which the people have a say in government but in which the government owns the major industries
Communism a government in which the government owns all property
Dictatorship a government in which the people have no rights, one person or a small group of people rule the country by force and make all the laws
Profit money left over after all the costs of production have been paid
Competition a contest between businesses or individuals to sell a product or service
Invisible hand adam smith's idea that competition acts like an invisible hand it pushes people to do what is best for themselves
Market -a place where people come together to buy and sell
Capitalism a system in which individuals and private businesses own and control production also called market economy
Market economy a system in which individuals and private businesses own and control production also called capitalism
Incentive something that makes a person take an action
Mixed economy an economy in which there is a blend of economic systems government share in the decision-making process
Created by: mtrampf
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