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Ecnomomic Vocab
Ch. 2
| Traditional Economy | An economy in which production is based on customs and tradition |
| command Economy | An economy in which a central government authority makes all basic economic decisions and controls the factors of production |
| Market Economy | An economy in which the gov't has little say in what, how, and for whom goods are produced and in which the factors of production are owned by individuals. |
| Market | The free exchange of goods and secvices; also called the market place |
| Self-interest | The impulse that encourages people to fullfill their needs and wants |
| Incentive | Something that encourages an action or effort. Expectation of rewards and fear of losses. |
| Mixed Economy | An economy that combines elements of the traditional, market, and command economic models |
| Authoritarian Socialism | An economic system in which the gov't owns or controls nearly all factors of production; also known as communism |
| Communism | An economic system in which the gov't owns or controls nearly all factors of production; also known as authoritarian socialism |
| Capitalism | A market-based economic system in which individuals own and control the factors of production. |
| Democratics socialism | An economic system in which some means of producing and distributing goods are owned or controlled by an elected gov't |
| Free Enterprise | System in which private business operates with minimal gov't involvement |
| Private Property | Property that is owned by individuals and businesses, rather than the gov't. |
| Contracts | A legally binding agreement, either oral or written, between individuals, such as to buy and sell goods and services |
| Competition | A state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits |
| voluntary exchange | The unconditional and mutually beneficial transfer of products between producer and consumer |
| Product Market | The market in which producers offer-and consumers purchase-final goods and services |
| Resource market | The market in which households exchange resources with businesses and the gov't |
| Income | Money payments |
| Full employment | The lowest possible level of unemployment in an economy |
| Price stability | The condition thath exists when over-all price levels remain relatively constant over a period of time |
| Standard of living | People's economic well-being as determined by the quantity of goods and services they consume in a given time period |
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