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Economic Systems

TermDefinition
Capital Man made things used to make something else.
Command Economy All values based on doing what is best for society in cooperation, but under the leadership of the government decisions.
Efficiency Not wasting scarce resources
Equity Equal distribution of resources
Freedom Ability to buy/sell what you want or change jobs.
Growth Increasing the total output of goods in a society and leading to a rise in GDP
Labor Using your skills and abilities to earn an income
Land Natural resources or “gifts from nature”
Market Economy Values based on the individuals of a society.
Opportunity Cost The value of your next best alternative – what you did not choose
Security Protect individuals from unemployment and economic crashes
Scarcity Unlimited wants and limited resources
Stability General overall level of prices remain fairly stable
Traditional Economy All values are based on custom
Created by: Mr. Schaefer
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