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strand 1 economics
Financial literacy
Term | Definition |
---|---|
Market | An economic system where product and prices are determined by unrestricted competition |
Command | A company where product, investment, prices, and incomes are controlled by the government. |
Mixed | An economic system that mixes private and public enterprise. |
capitalism | An economic and political system where a country's trade and industry are controlled by private owners for profit. |
Laissez-Faire | Absence of government control or interference for total freedom of the market. |
Social Market | Social marketing is a marketing approach which focuses on influencing others' decisions. |
Neo-Capitalism | Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being. |
Socialism | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
Fascism | Ran by a dictator and you must obey whatever the government says. |
Communism | Everything is shared and it's a classless society. |
Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
Values | What is the greatest value, what are you willing to give up? |
Scarcity | Having unlimited wants in a world of limited resources. |
Utility | How well something satisfies someone's wants or needs. |
Macroeconomics | Large-scale or general economic factors, such as interest rates and national productivity. |
Microeconomics | Part of economics concerned with the effects of single entity and individual decisions. |
Needs | Things that are necessary for life. |
Wants | What you don't need for your life but can improve the quality of it. |
pay yourself first | setting aside a certain amount of money for future use |
SMART goals | specific, measurable, attainable, relevant, time bound |