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Macro ch 3

The mixed economy

TermDefinition
Private Sector 90% of our goods and services
The 3 Questions of Economics 1) What 2) How 3) For whom
The government plays a minor role in production but a strong role in what? Distribution
The invisible hand Coined by Adam Smith and referred to one's self-interest
Price mechanism Determines the price and quantity sold of every good and service
Capitalism is based on what? Trust
Efficiency Max output is produced with a given level of inputs
What does the circular flow model show How goods and services flow from BUSINESS FIRMS to HOUSE HOLDS for consumer expenditures, while resources flow from HOUSE HOLDS to BUSINESS FIRMS for resource payments
Market failure When our resources are not allocated efficiently. with 3 basic classes: Externalities, environmental pollution, and the lack of public goods and services
Government failure The misallocation of resources in the public sector ex. federal tax codes and national debt
Capital All means of production created by people ex. equipment
Capitalism Economic system in which most economic decisions are made by private owners and most of the means of production are privately owned.
Communism Economic system characterized by collective ownership of most resources and central planning
Fascism An authoritarian form of government under which the political leaders dictate what the owners will produce.
Socialism Economic system in which the government owns most of the resources ; involves the redistribution of income.
Created by: ltameirao
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