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Economics
Study Cards
| Term | Definition |
|---|---|
| Economic System | The structure of methods and principle that a society uses to produce and distribute goods and services. |
| Factor Payment | The income people receive in return for supplying factors of production. |
| Profit | The amount of money a business receives in excess of its expenses. |
| Safety Net | A set of government programs that protect people who face unfavorable economic condition. |
| Standard of Living | Level of economic prosperity. |
| Innovation | The process of bringing new methods, products, or ideas into use. |
| Traditional Economy | An economic system that relies on habit, custom, or ritual to decide the three economic questions. |
| Market | Any arrangement that allows buyers and sellers to exchange things. |
| Specialization | The concentration of the productive efforts of individuals and businesses on a limited number of activities. |
| Free Market Economy | An economic system in which decisions on the three key economic questions are based on voluntary exchange in markets. |
| Households | A person or group of people living in a single residence. |
| Firm | An organization that uses resources to produce a product or service, which it then sells. |
| Factor Market | The arena of exchange in which firms purchase the factors of production from households. |
| Product Market | The arena of exchange in which households purchase goods and services from firms. |
| Self-Interest | An individual's own personal gain. |
| Incentive | The hope of reward or fear of penalty that encourages a person to behave in a certain way |
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theonly_cj
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