ECO Topic 2 Vocabulary Lessons 1,2,3,4 PEARSON 2016
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| economic system | the structure of methods and principles that a society uses to produce and distribute goods and services
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| factor payments | the income people receive in return for supplying factors of production
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| profit | the amount of money a business receives in excess of its expenses
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| standard of living | level of economic prosperity
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| innovation | the process of bringing new methods, products or ideas into use
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| traditional economy | an economic system that relies on habit, custom, or ritual to decide the three key economic questions
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| market | any arrangement that allows buyers and sellers to exchange things
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| specialization | the concentration of the productive efforts of individuals and businesses on a limited number of activities
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| free market economy | an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
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| household | a person or group of people living in a single residence
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| firm | an organization that uses resources to produce a product or service, which it then sells
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| product market | the arena of exchange in which households purchase goods and services from firms
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| Adam Smith | Scottish social philosopher; published The Wealth of Nations; believed competition and our own self-interest actually helped to keep the marketplace functioning
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| sef-interest | an individual’s own personal gain
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| incentive | the hope of reward or fear of penalty that encourages a person to behave in a certain way
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| competition | the struggle among producers for the dollars of consumers
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| centrally planned economy | an economic system in which the government makes all the decisions on the three key economic questions
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| command economy | another name for a centrally planned economy
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| socialism | a range of economic and political systems based on the belief that wealth should be evenly distributed throughout society
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| communism | a political system in which the government owns and controls all resources and means of production and makes all economic decisions
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| authoritarian | describing a form of government that limits individual freedoms and requires strict obedience from its citizens
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| private property | property that is owned by individuals or companies, not by the government or the people as a whole
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| intellectual property | private property that individuals have created such as books, songs, or movies can be protected by government laws
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| mixed economy | the market-based economic system in which the government is involved to some extent
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| economic transition | a period of change in which a nation moves from one economic system to another
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