Eonomics - Topic 2 Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | the process of bringing new methods, products, or ideas into use
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| standard of living | show 🗑
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| safety net | show 🗑
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| show | the structure of methods and principles that a society uses to produce and distribute goods and services
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| show | an economic system that relies on habit, custom, or ritual to decide the three basic economic questions
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| market | show 🗑
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| free market economy | show 🗑
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| show | an individual’s own personal gain
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| competition | show 🗑
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| show | the arena of exchange in which firms purchase the factors of production from households
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| product market | show 🗑
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| centrally planned economy | show 🗑
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| show | another name for a centrally planned economy
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| show | a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society
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| show | 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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| show | describes a form of government that limits individual freedoms and requires strict obedience from its citizens
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| show | property that is owned by individuals or companies, not by the government or the people as a whole
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| mixed economy | show 🗑
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| show | a period of change in which a nation moves from one economic system to another
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| open opportunity | show 🗑
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| show | a private organization that tries to persuade public officials to act in ways that benefit its members
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| profit motive | show 🗑
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| macroeconomics | show 🗑
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| microeconomics | show 🗑
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| show | the total value of all final goods and services produced in a country in a given year
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| show | a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
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| show | a government license that gives the inventor of a new product the exclusive right to produce and sell it
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| copyright | show 🗑
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| show | a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
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| show | a situation in which the free market, operating on its own, does not distribute resources efficiently
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| show | the part of the economy that involves the transactions of the government
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| private sector | show 🗑
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| show | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| show | government aid to the poor
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Created by:
brittlloyd
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