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Economics

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TermDefinition
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
Created by: theonly_cj
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