Term | Definition |
free enterprise | free marketing in one enterprise |
traditional economy | an economy in which production is based on customs and tradition |
product market | a market that purchases low and sells higher |
market economy | an economy in which the gov. has little say in what how and for whom goods are produced and stacked on shelves conomy |
standard of living | peoples economic stability of living |
voluntary exchange | exchange made by a volunteer |
competition | a different brand who sells a simialir product as another |
resource market | a market that sells resources to companies to make their products |
communism | gov. owns or controls everything |
mixed economy | traditional, market, and command combined |
contracts | an agreement made between producer and consumer |
command economy | an economy in which a central gov. authority makes all basic economic decisions and controls the factors of production |
private property | property owned legally by individuals |
market | the free exchange of goods and services; also called a market place |
income | money that one is earned from their job |
full employment | the lowest level of unemployment |
price stability | when prices stay constant |
democratic socialism | an economic system demo socialism |
capitalism | individuals own and control production |
self-interest | the impulse that encourages people to fulfill their needs and wants |
authoritarian socialism | an economic system in which the gov. owns or controls nearly all factors of production |
incentive | something that encourages an action or effort. |