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mrs lorenz
chapter 2
| Question | Answer |
|---|---|
| free enterprise | system under which business can be conducted freely with little government intervention |
| private property | goods that are owned by individual and by businesses rather than by the government |
| contracts | individuals also have the right to enter into agreements with one another to buy and sell goods and services |
| competition | the economic rivalry that exists among businesses selling the same or smilar 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 | represents all of the exchanges of goods and services in the economy |
| resource market | represents the exchange of resources between households individuals like you who own the fop |
| income | money paid to households by business firms and the government in exchange for the households' resources |
| full employment | the lowest possible level of unemployment in the economy |
| price stability | is achieved when the overall prices level of the goods and sevices available in the eveonmy is relatively constant |
| standard of living | regers to peoples economic well being it measures the nations standard of living. |
| traditional economy | its customs and traditions based on societys values |
| command economy | have the power to decide what products will be made and how these products will be produced |
| market | the only for of control over what goods and services are bought and sold |
| self interest | the impulse that ecourages people to fulfill their needs and wants |
| incentive | is something that ecourages you to behave in a particular way |
| mixed economy | combines elements of traditional market and command economic questions |
| authoritarian socialism | mixed economies that are closest to the pure command model |
| communism | authritarian socialism is also known as commmunism |
| capitalism | individuals own the facors of production and answer the basic economic questions |
| deomcratic socialism | the government owns some fo the factors of production |
| market economy | the government has no say in what how and for whom goods are produced and the factors of production are owned by individuals |
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eddyg
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