strand 1 economics Word Scramble
|
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
| Term | Definition |
| Market | An economic system where product and prices are determined by unrestricted competition |
| Command | A company where product, investment, prices, and incomes are controlled by the government. |
| Mixed | An economic system that mixes private and public enterprise. |
| capitalism | An economic and political system where a country's trade and industry are controlled by private owners for profit. |
| Laissez-Faire | Absence of government control or interference for total freedom of the market. |
| Social Market | Social marketing is a marketing approach which focuses on influencing others' decisions. |
| Neo-Capitalism | Neo-capitalism is an economic ideology which corrects its excesses by applying various measures which help protect the country’s social well-being. |
| Socialism | A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole. |
| Fascism | Ran by a dictator and you must obey whatever the government says. |
| Communism | Everything is shared and it's a classless society. |
| Traditional | A traditional economy is a system where goods production and distribution are driven by time-honored beliefs, customs, culture, and traditions. |
| Values | What is the greatest value, what are you willing to give up? |
| Scarcity | Having unlimited wants in a world of limited resources. |
| Utility | How well something satisfies someone's wants or needs. |
| Macroeconomics | Large-scale or general economic factors, such as interest rates and national productivity. |
| Microeconomics | Part of economics concerned with the effects of single entity and individual decisions. |
| Needs | Things that are necessary for life. |
| Wants | What you don't need for your life but can improve the quality of it. |
| pay yourself first | setting aside a certain amount of money for future use |
| SMART goals | specific, measurable, attainable, relevant, time bound |
Created by:
madelynpeterson
Popular Economics sets