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chapter 2

TermDefinition
traditional economy an economy based on soceitys values
command economy relies on government officials
market economy an economy that relies on specific individuals
market free exchange of goods and services
self-interest purchases based on impulse
incentive something that encourages you to do something
mixed economy combined elements of traditional, market, and command economies
authoritatian socialism communism
capitalism an economy closer to the market model
democratic socialism the government owns some factors of production
free enterprise business conducted freely
private property things a person owns
contracts agreements to buy and sell goods and services
competition rivalries among businesses
product market all exchanges of goods and services
resource market exchange of resources
income money paid in exchange for house hold resources
full employment lowest possible level of unemployment
price stability prices of goods remain constant
standard of living peoples economic well being
voluntary exchange when producers and consumers unconditionally purchase and sell products, and they believe that the opportunity costs of such trade are acceptable to both parties
communism government owns or controls nearly all factors of production
Created by: econ123
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