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strand 1 economics

Financial literacy

TermDefinition
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
Created by: madelynpeterson
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