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chapter 2

traditional economy an economy in which production is based on its 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 goverment has little say in what, how and for whom goods are produced and in which the factors of production are owned bt individuals
market the free exchange of goods and services
self-interest the impulse that encourages people to fulfill thier needs and wants
incentive something that encourages an action or effort
mixed economy combines elements of the tradtion, market and command economic models
authoritarian socialism the government owns or controls nearly all factors of production, also known as communism
communism goventment owns or controllsnearly all factors of production, aslo known as authoritarian socialism
capitalism a market based economicsystem in which individuals own and control the factors of production
democratic socialism some means of production and distributing goods are owned and controlled by an elected government
free enterprise system in which private business operates
private property property that is owned by individuals and businesses rather than the government
contracts a legally binding agreement either oral or written between individuals
competition in business, a state rivalry among sellers of the same or similar products
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 a market in which households exchange resourses with businesses and the government
income 1)money payments that households recieve from busines firms and goverment exchange for resourses. 2)funds that businesses take in for supplying goods and services
full employment the lowest possible level of unemplyment in a economy
price stability the condition that exist when overall price levels remain relatively content over a period of time
standard of living people economic well-being as determined by the quality of goods and services they consume in a given time period
Created by: marisaraquell



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