Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

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

economic systems

chapter 2

traditional economy centered around family, passed from generation to generation, resistant to change, work for group-not individual
command economy no incentives to work, government has complete control, decides: how, what, to whom to produce
market economy indivuals decied how, what, to whom to produce, government has no say, private ownership, total freedom
market free exchange of goods and services, how to produce, where to sell it, where to buy it
self-interest biggest bang for the buck, Adam Smith-people fulfill their own needs, government not involved
incentive positive & negative, encourage you to act in a certain way
mixed economy combo of elements, classified according to degree
Authoritarian socialism government control major industry, some rights, closest to pure command economy,
communism command economy, Soviet Union, complete government control, says how, what, for whom
capitalim closest to a market economy, capitalism + govt regulation= free enterprise,
democratic socialism mixed economy-combo of command and market, govt controls key industries, people choose elected officials that make decisions
free enterprise business conducted "freely" with little govt intervention
private property goods are owned by individuals and bussiness, clothes=consumer goods, office building supplies = captial goods
contracts cant be forced, agreement of terms, )oral, written, legal binding,
competition choices betwn 2 or more similar items, "economic rivalry" is good, more choices, competting for your money
voluntary exchange i will work for you in exchange for a pay check, beneficial transfer of products/services btwn consumers and producers
product market how you will market/sell your goods and services
resource market how will you get the money you need to start a business and pay workers
income money payments that houselholds receive from businesses and govt
full employment want people to be working, the lowest level possible of unemployment
price stability overall prices remain relatively constant
standard of living people's well-being as determined by the quantity of goods and services they consume
role of government in the economy regulates the economy, taxation, spending policies, health and safety standards
market flow keep money moving to keep economy flowing
economic priorities/ indiviual short term goal, change with changing times, who you want now! have to do right now!
economic priorities/ government short term goal, change with changing times, what you want now! stimulus package
Created by: samanthac12