Unit 1-2 Word Scramble
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| Term | Definition |
| Three Key Economic Questions | What to produce? How to produce it? Who will consume it? |
| Traditional Economy | Economic system that relies on habit and customs to decide the production and consumption of goods. |
| Command Economy (Centrally planned) | Economic system where decisions about production and consumption are made by the government. |
| Market Economy (Capitalism) | Economic system where decisions about production and consumption are made by individuals. |
| Mixed Economy | Economic system where decisions about production and consumption are made by individuals & the government. |
| Household | Person or group living in the same residence |
| Firm | Organization that uses resources to produce a product. A business. |
| Specialization | The concentration of productive efforts on a limited number of activities |
| Factor Market | Firms pay households for land, labor, and capital |
| Product Market | Households pay firms for goods & services |
| "The invisible hand" | describes the self-regulating nature of a market economy. Self-interest and competition keep businesses acting in the consumers best interest. |
| Socialism | Type of command economy. Democratic means should be used to distribute wealth throughout an economy |
| Communism | Type of command economy. An authoritarian central government makes decisions about the economy. |
| Private Property | Property that is owned by individuals or businesses, not the government. |
| Laissez Faire | Doctrine that states the government should not interfere with the marketplace. |
| Incentive | An expectation that encourages people to behave a certain way. |
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