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chapter 2

traditional economy an economy in which production is based on customs and tradition
command economy an economy in which a central gov. authority makes all basic economic decisions and controls the factors of production
market economy an economy in which the gov. has little say in what how and for whom goods are produced and stacked on shelves conomy
market the free exchange of goods and services; also called a market place
self-interest the impulse that encourages people to fulfill their needs and wants
incentive something that encourages an action or effort.
mixed economy traditional, market, and command combined
authoritarian socialism an economic system in which the gov. owns or controls nearly all factors of production
communism gov. owns or controls everything
capitalism individuals own and control production
democratic socialism an economic system demo socialism
free enterprise free marketing in one enterprise
private property property owned legally by individuals
contracts an agreement made between producer and consumer
competition a different brand who sells a simialir product as another
voluntary exchange exchange made by a volunteer
product market a market that purchases low and sells higher
resource market a market that sells resources to companies to make their products
income money that one is earned from their job
full employment the lowest level of unemployment
price stability when prices stay constant
standard of living peoples economic stability of living
Created by: Robert415