Econ vocab #2 Word Scramble
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| Term | Definition |
| Traditional Economy | Economy based on a society's values |
| Command Economy | Relies on government officials to answer the three basic economic questions (central planners) |
| Market Economy | The government has no say in what, how,and for whom goods and produced |
| Market | Place of free exchange of goods and services |
| Self-intrest | Impilse that encourages people to fulfill their needs and wants. |
| Incentives | Something that encourages you to behave in a particular way. |
| Mixed Economy | Combines elements of traditional, market, and command economy. Authoritarian socialism, capitalism, and democratic socialism. |
| authoritarian socialism or communism | government owns and controls nearly all the factors of production |
| capitalism | individualsown the factors of production and answer the basic economic questions |
| Democratic socialism | the government owns some of the factors of production |
| Free enterprise | a system under which business can be conducted freely with little government intervention |
| Private property | Goods that are owned by individuals and by businesses, rather than by the government |
| contracts | individuals have the right to enter into agreements with one another to buy and sell goods and services |
| competition | economic rivalry that exists among businesses selling the same or similar products |
| voluntary exchange | when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such a trade are acceptable to both parties |
| product market | exchanges of goods and services in the economy |
| resource market | represents the exchange of resources between households and businesses firms and the government, who are the users of the resources |
| income | the money paid to households by businesses firms and the government in exchange for the households' resources |
| full employment | lowest possible level of unemployment in the economy |
| price stability | achieved when the overall price level of the goods and services available in the economy is relatively contrast |
| standard of living | refers to people's economic well-being |
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