Econ Vocab
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| Traditional Economy | show 🗑
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| show | Relies on government officials to answer the three basic economic questions (central planners)
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| show | The government has no say in what, how,and for whom goods and produced
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| Market | show 🗑
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| show | Impilse that encourages people to fulfill their needs and wants.
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| Incentives | show 🗑
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| Mixed Economy | show 🗑
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| show | government owns and controls nearly all the factors of production
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| show | individualsown the factors of production and answer the basic economic questions
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| show | the government owns some of the factors of production
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| show | a system under which business can be conducted freely with little government intervention
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| show | Goods that are owned by individuals and by businesses, rather than by the government
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| contracts | show 🗑
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| competition | show 🗑
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| voluntary exchange | show 🗑
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| show | exchanges of goods and services in the economy
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| resource market | show 🗑
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| show | the money paid to households by businesses firms and the government in exchange for the households' resources
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| full employment | show 🗑
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| show | achieved when the overall price level of the goods and services available in the economy is relatively contrast
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| show | refers to people's economic well-being
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