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chapter 2


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Category: Term

 
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Created by: Robert415
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free enterpriseDefinition: free marketing in one enterprise10false
traditional economyDefinition: an economy in which production is based on customs and tradition20false
product marketDefinition: a market that purchases low and sells higher30false
producedan economy in which the gov. has little say in what how and for whom goods are _____ and stacked on shelves conomy41true
standard of livingDefinition: peoples economic stability of living50false
voluntary exchangeDefinition: exchange made by a volunteer60false
competitionDefinition: a different brand who sells a simialir product as another70false
resource marketDefinition: a market that sells resources to companies to make their products80false
communismDefinition: gov. owns or controls everything90false
combinedtraditional, market, and command _____101true
contractsDefinition: an agreement made between producer and consumer110false
command economyDefinition: an economy in which a central gov. authority makes all basic economic decisions and controls the factors of production120false
private propertyDefinition: property owned legally by individuals130false
marketDefinition: the free exchange of goods and services; also called a market place140false
incomeDefinition: money that one is earned from their job150false
lowestthe _____ level of unemployment161true
price stabilityDefinition: when prices stay constant170false
capitalismDefinition: individuals own and control production190false
peoplethe impulse that encourages _____ to fulfill their needs and wants201true
systeman economic _____ in which the gov. owns or controls nearly all factors of production211true