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Econ
Economic Terms from Chapter 2 section 1 & 3
| Term | Definition |
|---|---|
| Economic System | A structure of methods and principles a society uses to produce and distribute goods and services |
| Factor Payment | Income that people receive in return for supplying factors of production (land, labor, or capital) |
| Profit | The amount of money a business receives in excess of its expenses |
| Safety Net | A set of programs to protect people who face unfavorable economic conditions such as layoffs, injuries, or natural disasters |
| Standard of Living | The 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 answer the three key economic questions |
| Centrally planned economy | The government answers the three key economic questions |
| Command Economy | Another name for centrally planned economy, where it operates in direct contrast to free market systems |
| Socialism | A range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society |
| Communism | A political system in which the government owns and controls all resources and means of production and makes all economic decisions |
| Authoritarian | A form of government that limits individual freedom and requires strict obedience from its citizens |
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