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Econ. Ch. 2 vocab.

economic system way in which a nation uses its resources to satisfy its people’s needs and wants.
circular flow of income and output economic model that pictures income as flowing continuously between businesses and consumers.
traditional economy system in which economic decisions are based on customs and beliefs that have been handed down from generation to generation.
command economy system in which the government controls the factors of production and makes all decisions about their use.
market economy system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families’ best interests.
market the process of freely exchanging goods and services between buyers and sellers.
circular flow of income and output economic model that pictures income as flowing continuously between businesses and consumers.
mixed economy system combining characteristics of more than one type of economy.
capitalism economic system in which private individuals own the factors of production
laissez-faire economic system in which the government minimizes its interference with the economy.
profit amount earned after a business subtracts its costs from its revenues.
profit incentive desire to make money that motivates people to produce and sell goods and services.
competition rivalry among producers or sellers of similar goods and services to win more business.
private property whatever is owned by individuals rather than by government.
economic efficiency wise use of available resources so as to obtain the greatest benefits possible.
economic equity the attempt to balance an economic policy so that everyone benefits fairly.
standard of living the material well-being of an individual, group, or nation, measured by how well their necessities and luxuries are satisfied.
economic growth expansion of the economy to produce more goods, jobs, and wealth.
socialism a system in which the government owns the major factors of production and attempts to manage output and the distribution of goods.
proletariat term Karl Marx used to refer to workers.
communism term used by Karl Marx for his idealized society in which no government is necessary.
democratic socialism system that works within the constitutional framework of a nation to elect socialists to office; the government usually controls only some areas of the economy.
authoritarian socialism system that supports revolution as a means to overthrow capitalism and bring about socialist goals; the entire economy is controlled by a central government; also called communism.
Created by: hcmeek



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