JA Economics Chp. 2
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| An exchange of goods and services without using money. | Barter
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| An economic system in which the government holds most property rights. | Command Economy
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| A condition of economic fairness and impartiality. | Economic equity
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| A condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions. | Economic freedom
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| A condition in which the output of goods and service in an economy increases over the period of a year. | economic growth
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| A condition in which the basic needs of every person should be met. | economic security
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| The condition that allows people to freely make choices in their economic roles. | free enterprise
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| A condition in which almost all people in the labor force are able to find work. | full employment
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| Rivalry among businesses for resources and customers. | market competition
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| An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making. | mixed economy
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| Anything that is generally accepted as payment for goods and services. | money
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| An economic condition in which prices of goods, services, and resources do not fluctuate significantly, either up or down, in a short period of time. | price stability
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| An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers. | price system
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| Resources and products owned by individuals or businesses. | private property
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| An inequality that exists between wants and the resources available to satisfy them. | scarcity
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| A process in which businesses and people focus on producing one or a few parts of an entire product. | specialization
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| An economic system in which people rely on traditions or customs to make what, how, and for whom choices. | traditional economy
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