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Ch.2 Vocab

Vocab #2

TermDefinition
Traditional Economy An economy in which production is based on customs and traditions
Command Economy An economy in which a central government authority makes all basic economic decisions and controls the factors of production
Market Economy An economy in which the government has little say in what,how, and for whom goods are produced and in which the factors of production are owned by individuals
Market The free exchange of goods and services; also called the market place
Self-interest The impulse that encourages people to fulfill their needs and wants
Incentive Something that encourages an action or effort.Expectation of rewards and fear of losses are both incentives.
Mixed Economy An economy that combines elements of traditional,market,and command economic models
Authoritarian socialism An economic system in which the government owns or controls nearly all factors of production;also known as communism
Communism Economic system in which the government owns or controls nearly all factors of production;also known as authoritarian socialism
Captialism A market-based economic system in which individuals own snd control the factors of production
Democratic socialism An economic system in which some means of producing and distributing goods are owned are controlled by an elected government
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 businessses,rather than by the government
Contracts Individuals also have the right to enter into agreements with one another to buy and sell goods and services
Competition The economic rivarly that exists among businesses selling the same or similar products
Voluntary exchange When porducers 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 The market in which producers offer-and consumers purchase-final goods and services
Resource Market The market in which households exchange resources with businesses and the government
Income The money paid to households by business firms and the government in exchange for households' resources
Full employment The lowest possible level of unemployment in the economy
Price stability The overall price level of the goods and services available in the economy is relatively constant
Standard of living People's economic well-being as determined by the quantity of goods and services they consume in a given period of time
Created by: econclass
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