chapter 2 Word Scramble
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| Term | Definition |
| traditional economy | an economy in which production is based on customs and tradition |
| command economy | an economy in which a central gov. authority makes all basic economic decisions and controls the factors of production |
| market economy | an economy in which the gov. has little say in what how and for whom goods are produced and stacked on shelves conomy |
| market | the free exchange of goods and services; also called a market place |
| self-interest | the impulse that encourages people to fulfill their needs and wants |
| incentive | something that encourages an action or effort. |
| mixed economy | traditional, market, and command combined |
| authoritarian socialism | an economic system in which the gov. owns or controls nearly all factors of production |
| communism | gov. owns or controls everything |
| capitalism | individuals own and control production |
| democratic socialism | an economic system demo socialism |
| free enterprise | free marketing in one enterprise |
| private property | property owned legally by individuals |
| contracts | an agreement made between producer and consumer |
| competition | a different brand who sells a simialir product as another |
| voluntary exchange | exchange made by a volunteer |
| product market | a market that purchases low and sells higher |
| resource market | a market that sells resources to companies to make their products |
| income | money that one is earned from their job |
| full employment | the lowest level of unemployment |
| price stability | when prices stay constant |
| standard of living | peoples economic stability of living |
Created by:
Robert415
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