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Unit 1-2

Fundamentals (Set 2)

TermDefinition
Three Key Economic Questions What to produce? How to produce it? Who will consume it?
Traditional Economy Economic system that relies on habit and customs to decide the production and consumption of goods.
Command Economy (Centrally planned) Economic system where decisions about production and consumption are made by the government.
Market Economy (Capitalism) Economic system where decisions about production and consumption are made by individuals.
Mixed Economy Economic system where decisions about production and consumption are made by individuals & the government.
Household Person or group living in the same residence
Firm Organization that uses resources to produce a product. A business.
Specialization The concentration of productive efforts on a limited number of activities
Factor Market Firms pay households for land, labor, and capital
Product Market Households pay firms for goods & services
"The invisible hand" describes the self-regulating nature of a market economy. Self-interest and competition keep businesses acting in the consumers best interest.
Socialism Type of command economy. Democratic means should be used to distribute wealth throughout an economy
Communism Type of command economy. An authoritarian central government makes decisions about the economy.
Private Property Property that is owned by individuals or businesses, not the government.
Laissez Faire Doctrine that states the government should not interfere with the marketplace.
Incentive An expectation that encourages people to behave a certain way.
Created by: croper1
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