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Business Econ Chp. 2
| Term | Definition |
|---|---|
| socialism | political and economic system in which the government owns and controls some factors of production |
| Stagnation | lack of movement |
| fixed | income that does not increase even though prices go up |
| communism | economic and political system in which all factors of production are collectively owned and controlled by the state |
| inflation | rise in the general factors of production |
| free enterprise | economy where people carry on their economic affairs freely but are subjected to some government intervention and regulation |
| mixed | economic system that has some combination of traditional command and market economies |
| incentive | something that motivates |
| consumer sovereignty | role of consumer as ruler of the market when determining the types of goods and services produced |
| social security | federal program of disability and retirement benefits that covers most working people |
| profit | extent to which persons or organizations are better off financially at the end of a period than they were at the beginning |
| voluntary exchange | act of buyers and sellers freely and willingly engaging in market transactions |
| competition | struggle among sellers to attract consumers |
| catalyst | something that stimulates activity among people or force |
| capitalism | economic system in which private citizens own and use the factors of production in order to generate profits |
| profit motive | incentive that encourages people and organizations to improve their financial and material well-being |
| regulator | someone or something that controls activities |
| command | economic system characterized by with a central authority that makes most of the major economic decisions |
| market | meeting place or mechanism that allows buyers and sellers to come together |
| traditional | economic system in which the allocation of scare resources and other economic activities are based on ritual, habit, or custom |
| private property rights | fundamental feature of capitalism that allows individuals to own and control their possessions as they wish. |
| a disadvantage of a market economy is | it does not provide for everyone |
| An advantage of a command economy is that | can change direction drastically |
| the following societies are examples of traditional economies | african mbuti, inuit |
| the former soviet union was what type of economy | command economy |
| what best describes a market economy | a teenage girl deciding how to spend the extra money she earned working overtime |
| The u.s economic and social goals include | economic freedom, economic equity, and economic growth |
| economic goals are essential because they | help us to determine if our economic system is meeting our needs |
| an example of economic growth is | when a electric automobile plant opens, 1000 jobs created |
| economic security an important goal of the U.S. because | americans desire protection from adverse economic conditions, such as layoffs and illnesses |
| by increasing minimum wage it will raise the unemployment rate. this is an example of | the trade off among social and economi goals |
| the feature of capitalism that allows people to own and control their possessions is referred to as | private property rights |
| entrepreneurs are important to free enterprise because | entrepreneurs start new businesses |
| modified free enterprise is also called a | mixed economy |
| consumers demonstrate their power in the u.s economy | by deciding what to purchase |
| protector, provider, regulator, and consumer are roles played by | government in U.S. |
| in a command economy, the role of a government is to | make major economic decisions |
| an example of a market economy is | the united states |
| who ultimately determines the products that a free enterprise economy produces | consumers |
| the united states has a | modified free enterprise system |
| who starts new businesses in the free enterprise system | entrepreneurs |
| a characteristic of a traditional economy is | it discourages new ideas and new ways of doing thing |
| a market economy | features decentralized decision making |
| the minimum wage is an example of | economic exchange means |
| voluntary exchange means | people freely and willingly engage in market transactions |
| the economic system that can change direction quickly and drastically is | command |
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