Econ Vocab
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| Traditional Economy | Economy based on a society's values
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| Command Economy | Relies on government officials to answer the three basic economic questions (central planners)
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| Market Economy | The government has no say in what, how,and for whom goods and produced
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| Market | Place of free exchange of goods and services
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| Self-intrest | Impilse that encourages people to fulfill their needs and wants.
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| Incentives | Something that encourages you to behave in a particular way.
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| Mixed Economy | Combines elements of traditional, market, and command economy. Authoritarian socialism, capitalism, and democratic socialism.
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| authoritarian socialism or communism | government owns and controls nearly all the factors of production
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| capitalism | individualsown the factors of production and answer the basic economic questions
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| Democratic socialism | the government owns some of the factors of production
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| Free enterprise | a system under which business can be conducted freely with little government intervention
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| Private property | Goods that are owned by individuals and by businesses, rather than by the government
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| contracts | individuals have the right to enter into agreements with one another to buy and sell goods and services
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| competition | economic rivalry that exists among businesses selling the same or similar products
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| voluntary exchange | when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such a trade are acceptable to both parties
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| product market | exchanges of goods and services in the economy
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| resource market | represents the exchange of resources between households and businesses firms and the government, who are the users of the resources
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| income | the money paid to households by businesses firms and the government in exchange for the households' resources
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| full employment | lowest possible level of unemployment in the economy
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| price stability | achieved when the overall price level of the goods and services available in the economy is relatively contrast
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| standard of living | refers to people's economic well-being
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