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economic systems
chapter 2
| Question | Answer |
|---|---|
| traditional economy | centered around family, passed from generation to generation, resistant to change, work for group-not individual |
| command economy | no incentives to work, government has complete control, decides: how, what, to whom to produce |
| market economy | indivuals decied how, what, to whom to produce, government has no say, private ownership, total freedom |
| market | free exchange of goods and services, how to produce, where to sell it, where to buy it |
| self-interest | biggest bang for the buck, Adam Smith-people fulfill their own needs, government not involved |
| incentive | positive & negative, encourage you to act in a certain way |
| mixed economy | combo of elements, classified according to degree |
| Authoritarian socialism | government control major industry, some rights, closest to pure command economy, |
| communism | command economy, Soviet Union, complete government control, says how, what, for whom |
| capitalim | closest to a market economy, capitalism + govt regulation= free enterprise, |
| democratic socialism | mixed economy-combo of command and market, govt controls key industries, people choose elected officials that make decisions |
| free enterprise | business conducted "freely" with little govt intervention |
| private property | goods are owned by individuals and bussiness, clothes=consumer goods, office building supplies = captial goods |
| contracts | cant be forced, agreement of terms, )oral, written, legal binding, |
| competition | choices betwn 2 or more similar items, "economic rivalry" is good, more choices, competting for your money |
| voluntary exchange | i will work for you in exchange for a pay check, beneficial transfer of products/services btwn consumers and producers |
| product market | how you will market/sell your goods and services |
| resource market | how will you get the money you need to start a business and pay workers |
| income | money payments that houselholds receive from businesses and govt |
| full employment | want people to be working, the lowest level possible of unemployment |
| price stability | overall prices remain relatively constant |
| standard of living | people's well-being as determined by the quantity of goods and services they consume |
| role of government in the economy | regulates the economy, taxation, spending policies, health and safety standards |
| market flow | keep money moving to keep economy flowing |
| economic priorities/ indiviual | short term goal, change with changing times, who you want now! have to do right now! |
| economic priorities/ government | short term goal, change with changing times, what you want now! stimulus package |
Created by:
samanthac12
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