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JA Chp. 2

JA Economics Chp. 2

QuestionAnswer
An exchange of goods and services without using money. Barter
An economic system in which the government holds most property rights. Command Economy
A condition of economic fairness and impartiality. Economic equity
A condition in which individuals and businesses have freedom of choice in employment, buying, selling, use of time, and other economically related decisions. Economic freedom
A condition in which the output of goods and service in an economy increases over the period of a year. economic growth
A condition in which the basic needs of every person should be met. economic security
The condition that allows people to freely make choices in their economic roles. free enterprise
A condition in which almost all people in the labor force are able to find work. full employment
Rivalry among businesses for resources and customers. market competition
An economic system that blends voluntary exchange, government command, and traditional elements of economic choice-making. mixed economy
Anything that is generally accepted as payment for goods and services. money
An economic condition in which prices of goods, services, and resources do not fluctuate significantly, either up or down, in a short period of time. price stability
An arrangement that uses monetary prices as messages to facilitate exchanges between buyers and sellers. price system
Resources and products owned by individuals or businesses. private property
An inequality that exists between wants and the resources available to satisfy them. scarcity
A process in which businesses and people focus on producing one or a few parts of an entire product. specialization
An economic system in which people rely on traditions or customs to make what, how, and for whom choices. traditional economy
Created by: pinetreeacademy
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