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Econ Unit 2 Systems

Ch. 2 Sect 1-2

QuestionAnswer
the structure that society uses to produce and distribute goods and services (answer the 3 questions) economic system
What goods and services should society produce? How should these goods and services be produced? Who consumes these goods and services? Three economic questions
the income people receive in return for supplying land, labor and capital factor payment
the amount of money a business keeps after all costs of production have been paid profit
a set of government programs that are designed to protect people who face economic hard times safety net
way of living that is usual for a person, community or country standard of living
bringing new methods, products, or ideas into use innovation
an economic system that relies on habit, custom, or ritual to decide the three key economic questions - the oldest and simplest economic system traditional economy
a place that allows buyers and sellers to exchange things market
when individuals and businesses do only what they are best at specialization
an economic system in which decisions on the three economic questions are based on voluntary exchange free market economy
a person or group of people living in the same place together household
a business that uses resources to produce a product or service for sale firm
an exchange in which firms purchase the factors of production from households factor market
an exchange in which households purchase goods and services from firms product market
an individual's own personal gain self-interest
the hope of reward or fear of penalty that encourages a person to behave in a certain way incentive
the contest between firms or people to sell goods and services competition
Adam Smith's idea that competition should regulate the marketplace invisible hand
the power of consumers to decide what gets produced consumer sovereignty
the money a person makes income
a model that shows the process of exchanges between households and firms circular-flow
Created by: youmansm
 

 



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