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ECO Topic 2 Voc Pt1

ECO Topic 2 Vocabulary Lessons 1,2,3,4 PEARSON 2016

TermDefinition
economic system the structure of methods and principles that a society uses to produce and distribute goods and services
factor payments the income people receive in return for supplying factors of production
profit the amount of money a business receives in excess of its expenses
standard of living level of economic prosperity
innovation the process of bringing new methods, products or ideas into use
traditional economy an economic system that relies on habit, custom, or ritual to decide the three key economic questions
market any arrangement that allows buyers and sellers to exchange things
specialization the concentration of the productive efforts of individuals and businesses on a limited number of activities
free market economy an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
household a person or group of people living in a single residence
firm an organization that uses resources to produce a product or service, which it then sells
product market the arena of exchange in which households purchase goods and services from firms
Adam Smith Scottish social philosopher; published The Wealth of Nations; believed competition and our own self-interest actually helped to keep the marketplace functioning
sef-interest an individual’s own personal gain
incentive the hope of reward or fear of penalty that encourages a person to behave in a certain way
competition the struggle among producers for the dollars of consumers
centrally planned economy an economic system in which the government makes all the decisions on the three key economic questions
command economy another name for a centrally planned economy
socialism a range of economic and political systems based on the belief that wealth should be evenly distributed throughout society
communism a political system in which the government owns and controls all resources and means of production and makes all economic decisions
authoritarian describing a form of government that limits individual freedoms and requires strict obedience from its citizens
private property property that is owned by individuals or companies, not by the government or the people as a whole
intellectual property private property that individuals have created such as books, songs, or movies can be protected by government laws
mixed economy the market-based economic system in which the government is involved to some extent
economic transition a period of change in which a nation moves from one economic system to another
Created by: cwarsing
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