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Vocab ch. 2

Tradional Economy Based on a society's values, its customs and tradions
Command Economy Relies on government officials to answer the 3 basic economic questions
Market Economy Individuals answer the 3 basic economic questions
Market Free exchange in goods and services
Self Interest The impulse that encourages people to fulfill your needs and wants
Incentives Something that encourages you to behave in a particular way
Mixed Economy Combines elements of tradional, market, and command economic models to answer the 3 basic economic questions
Authoritarian Socialism Mixed economies that are closest to the pure command model
Communism Economic system in which government owns or controls nearly all factors of production
Capitalism Individuals own the factors of production and answer the basic economic questions
Democratic Socialism Government own some of the factors of production
Free Enterprise A stystem 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 Agreements that individuals have with one another to buy and sell goods and services
Competition The economic rivalry that exists among businesses selling the same or similar products
Voluntary Exchange When producers and consumers unconditionally purchase and sell production, and they believe that the oppourtunity costs of such a trade are acceptable to both parties
Product Market Exchange of goods and services in the economy
Resources Market Exchange of resources between household individuals
Income The money paid to households by business firms and the government in exchange for the households resources
Full employment The lowest possible level of employment in the economy
Price Stability Achieved when the overall price level of the goods and services available in the economy is relatively constant
Standard of living A people's economic well being
Created by: bigg daddy
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