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chapter 2
| Term | Definition |
|---|---|
| traditional economy | an economy based on soceitys values |
| command economy | relies on government officials |
| market economy | an economy that relies on specific individuals |
| market | free exchange of goods and services |
| self-interest | purchases based on impulse |
| incentive | something that encourages you to do something |
| mixed economy | combined elements of traditional, market, and command economies |
| authoritatian socialism | communism |
| capitalism | an economy closer to the market model |
| democratic socialism | the government owns some factors of production |
| free enterprise | business conducted freely |
| private property | things a person owns |
| contracts | agreements to buy and sell goods and services |
| competition | rivalries among businesses |
| product market | all exchanges of goods and services |
| resource market | exchange of resources |
| income | money paid in exchange for house hold resources |
| full employment | lowest possible level of unemployment |
| price stability | prices of goods remain constant |
| standard of living | peoples economic well being |
| voluntary exchange | when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such trade are acceptable to both parties |
| communism | government owns or controls nearly all factors of production |
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econ123
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