Econ 2
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| 3 key economic questions | show 🗑
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| show | Structure of methods and principles society uses to produce and distribute goods and services
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| show | Land, Labor, Capital
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| show | Income people receive in return for supplying factors of production (land,labor,capital)
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| Profit | show 🗑
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| show | Deliver the right goods in the right quanity to the right people
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| Economic Goal:Freedom | show 🗑
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| Economic Goal:Security | show 🗑
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| Economic Goal:Equity | show 🗑
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| show | Must grow with nations population so it can provide hobs for new people joining the work force
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| Safety net | show 🗑
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| show | Level of economic prosperity
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| How does innovation change economics? | show 🗑
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| Traditional Economy | show 🗑
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| Market | show 🗑
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| Markets eliminate the need for | show 🗑
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| show | 1.Efficient use of capital, land and labor 2. Promotes worker efficiency 3.Saves resources by avoiding waste
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| Free market Economy | show 🗑
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| Another name for Free Market Economy | show 🗑
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| Participants in free market economy | show 🗑
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| show | Person or group of people living in a single residence
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| Firm | show 🗑
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| show | Arena of exchange in which firms purchase the factors of production from households
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| Product market | show 🗑
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| show | Must grow with nations population so it can provide hobs for new people joining the work force
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| show | Set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters plus a base income for the elderly
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| Standard of living | show 🗑
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| Innovation | show 🗑
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| Traditional Economy | show 🗑
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| Market | show 🗑
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| Markets eliminate the need for | show 🗑
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| Specialization | show 🗑
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| Free market Economy | show 🗑
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| show | Capitalist economy
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| show | households and firms
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| show | Person or group of people living in a single residence
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| Firm | show 🗑
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| show | Arena of exchnage in which firms purchase the factors of production from households
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| Product market | show 🗑
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| Adam Smith | show 🗑
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| show | An individual's own personal gain-the motivating force in the free market-the push that leads people to act
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| show | Hope of reward or fear of penalty that encourages a person to behave in a certain way
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| Competition | show 🗑
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| show | Coined by Adam Smith to describe the self-regulating nature of the marketplace in a free market economy
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| Consumer sovereignty | show 🗑
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| show | 1.Economic Efficiency, 2.Economic Freedom,3.Economic Growth
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| Centrally planned economy | show 🗑
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| show | Another name for centrally planned economy-
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| Economy that opposes private property, free market pricing, competition, and consumer choice | show 🗑
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| show | Economic and political systems based on belief that wealth should be evenly distributed throughout society
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| show | Central government owns and controls all resources and means of production and makes all economic decisions
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| show | Government that limits individual freedoms and requires strict obedience from its citizens
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| Worlds first communist state | show 🗑
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| show | Individuals/consumers
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| What does Adam Smith mean by the invisible hand? | show 🗑
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| show | Small, close communities that avoid change and new technology
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| What must be done to improve the standard of living of a nation? | show 🗑
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| show | A market based economy with some government involvement
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| Why do Markets exist? | show 🗑
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| In a free market economy, who owns the factors of production? | show 🗑
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| The ways in which factors of production are combined determines the answer to which economic question? | show 🗑
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| show | An economic system characterize by private or corporate ownership of capital goods
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| Government intervention | show 🗑
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| show | China allows more economic freedom
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| How are free market economies able to attain economic growth? | show 🗑
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| show | Socialists have some free market practices with their central economics plan; communist societies do not.
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| show | Only the government was involved in determining prices, wages and products to be produced
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| show | Government should not interfere in the economy
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| Private property | show 🗑
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| Economic transition | show 🗑
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| show | The selling of state run firms which are then allowed to compete in the marketplace
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sudokken
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