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Chpt 2 sect 1

Economic systems

TermDefinition
Economic system the method used by a society to produce and distribute goods and services
Factor payments the income people receive for supplying factors of production, such as land, labor, or capital
Patriotism the love of one's country; the passion that inspires a person to serve his or her country
Safety net government programs that protect people experiencing unfavorable economic conditions
Standard of living level of economic prosperity
Traditional economy economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
Market economy economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
Centrally planned economy economic system in which the central government makes all decisions on the production and consumption of goods and services
Command economy Economic system in which a central authority is in command of the economy; a centrally planned economy
Mixed economy Market based economic system with limited government involvement
Created by: acoronado
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