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Modern Global Econ

Chapter 2 Section 1-4 Terms

TermDefinition
Economic System
Factor Payment
Profit
Safety Net
Standard of Living
Innovation
Traditional Economy
Market
Specialization
Free Market Economy
Household
Firm
Factor Market
Product Market
Self-Interest
Incentive
Competition
Invisible Hand
Consumer Sovereignty The power of consumers to decide what gets produced
Centrally Planned Economy An economic system in which the government makes all decisions on the three key economic questions
Command Economy Another name for a centrally planned economy
Socialism
Communism A political system in which the government owns and controls all resources and means of production and makes all economic decisons
Authoritarian Describing a form of government that limits individual freedoms and requires strict obedience from its citizens
Laissez Faire
Private Property
Mixed Economy
Economic Translation
Privitization
Free Enterprise System
Created by: JosephPoth