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Economics Ch2

Economic System A particular set of institutional arrangements and a coordinating mechanism for producing goods and services.
Command System An economic system in which most property resources are owned by the government and economic decisions are made by a central government body.
Market System An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities.
Private property The rights of persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property.
Freedom of enterprise The freedom of firms to obtain economic resources to produce products of the firms’ own choosing, and to sell their products in the market of their choice.
Freedom of choice The freedom of owners of resources to employ or dispose of them as they see fit, and the freedom of consumers to spend their incomes in a manner they think is appropriate.
Self-interest The most-advantageous outcome as viewed by each form, property owner, worker, or consumer.
Competition The presence in a market of independent buyers and sellers vying with one another, and the freedom of buyers and sellers to enter and leave the market.
Market An institution or mechanism that brings buyers and sellers together.
Specialization The use of resources of an individual, region, or nation to produce one or a few goods and services rather than the entire range of goods and services.
Division of labor The separation of the work required to produce a product unto a number of different tasks that are performed by different workers.
Medium of exchange Any item sellers generally accept and buyers generally use to pay for goods and services.
Barter The exchange of one good or service for another good or service.
Money Any item that is generally acceptable to sellers in exchange for goods and services.
Consumer sovereignty Determination by consumers of the types and quantities of goods and services that will be produced with the economy’s scarce resources.
Dollar votes The: votes” that consumers and entrepreneurs cast for the production of consumer and capital goods when the purchase them in product and resource markets.
Creative destruction The idea that the creation of new products methods may simultaneously destroy the market power of existing forms.
Circular flow diagram The flow of resources from household s to firms and of products from firms to households.
Resource market A market in which households sell and forms buy economic resources.
Product market A market in which goods and services (products are sold by firms and bought by households.
Created by: vjambriz



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