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Chapter 2
Econ
| Term | Definition |
|---|---|
| Traditional Economy | is based on a society's values- its customers and traditions |
| Command Economy | relies on government officials to answer the three basic economic questions |
| Market Economy | the government has no sayin what, how, and for whom goods are produced, and the factors of production are owned by individuals |
| Market | this free exchange of goods and services |
| Self Interest | the impulse that encourages people to fulfill their needs and wants |
| Incentive | something that encourages you to behave in a particular way |
| Mixed Economy | combines elements of traditional, market, and command economic models to answer the three basic economic questions |
| Authoritarian Socialism | mixed economies that are the closest to the pure command model |
| Communism | in these economies the government owns or controls nearly all the factors of production |
| Capitalism | individuals own the factors of productions and and answer the basic economic questions |
| Democratic Socialism | a type of mixed economy that the government owns some of the factors of production |
| Free Enterprise | is a system under which business can be conducted freely with little government intervention. |
| private property | goods that are owned by individuals and by businesses, rather than by government |
| Contracts | agreements |
| Competition | is the economic rivalry that exists among businesses selling the same or similar products |
| Resource Market | represents the exchange of resources between households |
| Product Market | represent all of the exchanges of goods and services in the economy |
| Income | the money paid to households by business firms and the government in exchange for the households resources |
| Full Employment | is the lowest possible level of unemployment in the economy |
| Price Stability | is achieved when the overall price level of goods and services available in the economy is constant |
| Standard Of Living | refers to the peoples economic well-being |
Created by:
BigDawg1
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