click below
click below
Normal Size Small Size show me how
Modern Global Econ
Chapter 2 Section 1-4 Terms
Term | Definition |
---|---|
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 |