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chapter 2

TermDefinition
traditional economy based on a society's values
command economy relies on government officials to answer the three basic economic questions
market economy individuals answer the three basic economic questions
market provides the only form of control over what goods and services
self-interest the impulse that encourages people to fulfill thier needs and wants
incentive is somthing that encourages you to behave in a particular way
mixed economy combines elements of traditional market and comand
authoritarian socialism mixed economies that are closest to pure command model are said to practice
communism economies the government owns or controls nearly all the factors of production
capitalism individuals own the factors of production and answer the basic economic questions
democratic socialism the governemt owns some of the factors of production
free enterprise is the system under which bisness can be conducted freely with little government
private property goods that are owned by individuals and by businesses
contracts individuals also have the right to enter into agreements with one another to buy and sell goods and services
competition is the economic rivalry that exsists among businesses selling the same or similar products
voluntary exchange When producers and consumers unconditionally purchase and sell products.
product market Represents all of the exchange of goods and services in the economy.
resource market Represents the exchange of resources between households:individuals like you who own factors of production.
income The money paid to household by buisness firms and the government in exchange for the households resources.
Created by: 156896
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