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Econ Ch 2 Key Terms

Key Terms for Mr. Sal's Econ Classes on Ch 2 in the text.

The mechanism that answers the "What, How, and For Whom?" Economic System
Economy controlled by only the private sector, no government interference. Pure Market Economy
All resources and decisions are government based. Pure Centrally Planned Economy
Means Centrally Planned Economy. Command Economy
An economy that has many aspects of both command and market economies. Mixed Economy
All methods of production are run by private sector. Market Economy
An economy that is in the process of modernization. Transitional Economy
Economy where you only make/grow what you use. Traditional Economy
Shows the possible combinations of two provided goods or services at max.efficiency. Production Possibilities Frontier (PPF)
Producing the maximum with available resources. Efficiency
To make more of one product, you must give up more resources from another. Law of increasing opportunity cost
An outward shift of the PPF. Economic Growth
The ability to do something with fewer resources than your competition. Absolute Advantage
The worker with the lower opportunity cost specializes in providing that good or service. Law of Comparative Advantage
The focus on what workers are good at providing. specialization
The trade of goods and services instead of monetary payment. barter
An accepted medium of exchange in an economy. money
Work is broken up between individuals who specialize in tasks. division of labor
Created by: dsalvucci



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