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Factor payments
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Chpt 2 sect 1
Economic systems
| Term | Definition |
|---|---|
| Economic system | the method used by a society to produce and distribute goods and services |
| Factor payments | the income people receive for supplying factors of production, such as land, labor, or capital |
| Patriotism | the love of one's country; the passion that inspires a person to serve his or her country |
| Safety net | government programs that protect people experiencing unfavorable economic conditions |
| Standard of living | level of economic prosperity |
| Traditional economy | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
| Market economy | economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets |
| Centrally planned economy | economic system in which the central government makes all decisions on the production and consumption of goods and services |
| Command economy | Economic system in which a central authority is in command of the economy; a centrally planned economy |
| Mixed economy | Market based economic system with limited government involvement |
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acoronado
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