Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Economics
Econ Chapter 2
| Term | Definition |
|---|---|
| Authoritarian | requiring strict obedience to an authority, such as a dictator |
| Centrally Planned Economy | economic system in which the central government makes all decisions on the production and consumption of goods and services |
| Collective | larger farm leased from the states to groups of peasant farmers |
| Command Economy | economic system in which a central authority is in command of the economy; a centrally planned economy |
| Communism | a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government |
| competition | the struggle among the producers for the dollars of consumers |
| consumer sovereignty | the power of consumers to decide what gets produces |
| continuum | a range with no clear divisions |
| economic system | the method used by a society to produce and distribute goods and services |
| factor market | market in which firms purchase the factors of production from households |
| Patriotism | the love of one's country; the passion that inspires a person to serve his or her country |
| private property | property owned by individuals or companies, not by the government or the people as a whole |
| privatize | to sell state-run firms to individuals |
| product market | the market in which household purchase the goods and services that firms produce |
| profit | the financial gain made in a transaction |
| safety net | government programs that protect people experiencing unfavorable economic conditions |
| self-interst | ones own personal gain incentive and expectation that encourages people to behave in a certain way |
| socialism | a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society |
| specialization | the concentration of the productive efforts of individuals and firms on a limited number of activities |
| standard of living | level of economic prosperity |
| traditional economy | economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services |
| transition | period of change in which an economy moves away from a centrally planned economy toward a market-based system |
Created by:
halvy
Popular Economics sets