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Econ vocab #2

Econ Vocab

Traditional Economy Economy based on a society's values
Command Economy Relies on government officials to answer the three basic economic questions (central planners)
Market Economy The government has no say in what, how,and for whom goods and produced
Market Place of free exchange of goods and services
Self-intrest Impilse that encourages people to fulfill their needs and wants.
Incentives Something that encourages you to behave in a particular way.
Mixed Economy Combines elements of traditional, market, and command economy. Authoritarian socialism, capitalism, and democratic socialism.
authoritarian socialism or communism government owns and controls nearly all the factors of production
capitalism individualsown the factors of production and answer the basic economic questions
Democratic socialism the government owns some of the factors of production
Free enterprise 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 the government
contracts individuals have the right to enter into agreements with one another to buy and sell goods and services
competition economic rivalry that exists among businesses selling the same or similar products
voluntary exchange when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such a trade are acceptable to both parties
product market exchanges of goods and services in the economy
resource market represents the exchange of resources between households and businesses firms and the government, who are the users of the resources
income the money paid to households by businesses firms and the government in exchange for the households' resources
full employment lowest possible level of unemployment in the economy
price stability achieved when the overall price level of the goods and services available in the economy is relatively contrast
standard of living refers to people's economic well-being
Created by: 156855



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