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Economics - Topic 2

Eonomics - Topic 2 Vocabulary

TermDefinition
innovation the process of bringing new methods, products, or ideas into use
standard of living level of economic prosperity
safety net a set of government programs that protect people who face unfavorable economic conditions
economic system the structure of methods and principles that a society uses to produce and distribute goods and services
traditional economy an economic system that relies on habit, custom, or ritual to decide the three basic economic questions
market any arrangement that allows buyers and sellers to exchange things
free market economy an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
self-interest an individual’s own personal gain
competition the struggle among producers for the dollars of consumers
factor market the arena of exchange in which firms purchase the factors of production from households
product market the arena of exchange in which households purchase goods and services from firms
centrally planned economy an economic system in which the government makes all decisions on the three key economic questions
command economy another name for a centrally planned economy
socialism a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society
communism a political system in which the government owns and controls all resources and means of production and makes all economic decisions
authoritarian describes a form of government that limits individual freedoms and requires strict obedience from its citizens
private property property that is owned by individuals or companies, not by the government or the people as a whole
mixed economy economic system that has some market-based elements and some level of government involvement
economic transition a period of change in which a nation moves from one economic system to another
open opportunity the principle that anyone can compete in the marketplace
interest group a private organization that tries to persuade public officials to act in ways that benefit its members
profit motive the incentive that drives individuals and business owners to improve their material well-being
macroeconomics the study of economic behavior and decision-making in a nation’s whole economy
microeconomics the study of economic behavior and decision-making in small units, such as households and firms
gross domestic product (GDP) the total value of all final goods and services produced in a country in a given year
business cycle a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
patent a government license that gives the inventor of a new product the exclusive right to produce and sell it
copyright a government license that grants an author exclusive rights to publish and sell creative works
public good a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
market failure a situation in which the free market, operating on its own, does not distribute resources efficiently
public sector the part of the economy that involves the transactions of the government
private sector the part of the economy that involves the transactions of individuals and businesses
externality an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
welfare government aid to the poor
Created by: brittlloyd
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