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ECON VOCAB
UNIT 1
| Term | Definition |
|---|---|
| product market | the arena of exchange in which households purchase goods and services from firms |
| self-interest | an individual's own personal gain |
| incentive | the hope of reward or fear of penalty that encourages a person to behave in a certain way |
| competition | the struggle among producers for the dollars of consumers |
| consumer sovereignty | role of consumer as ruler of the market when determining the types of goods and services produced |
| centrally planned economy | an economic system in which the government makes all decisions on the three key economic questions |
| economic system | the structure of methods and principles that a society uses to produce and distribute goods and services |
| factor payments | the income people receive in return for supplying factors of production |
| profit | the amount of money a business receives in excess of its expenses |
| safety net | a set of government programs that protect people who face unfavorable economic conditions |
| Standard of living | level of economic prosperity |
| innovation | the process of bringing new methods, products, or ideas into use |
| Traditional Economy | an economic system that relies on habit, custom, or ritual to decide the three basic economic questions |
| market | is any arrangement that allows buyers and sellers to exchange things |
| Specialization | is the concentration of the productive efforts of individuals and businesses on a limited number of activities |
| free market economy | Capitalism, private ownership law of supply and demand |
| household | a person or group of people living in a single residence |
| firm | an organization that uses resources to produce a product or service, which it then sells |
| factor market | the arena of exchange in which firms purchase the factors of production from households |
| Adam Smith | the first modern economist, whose book The Wealth of Nations describes how free markets function and self-regulate |
| Command Economies | economic systems in which the government largely decides what goods and services will be produced, who will get them, and how the economy will grow |
| Socialism | A system in which society, usually in the form of the government, owns and controls the means of production. |
| Communism | a political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs. |
| Authoritarian | describes a form of government that limits individual freedoms and requires strict obedience from its citizens |
| Laissez-faire | the doctrine that government generally should not intervene in thee marketplace |
| private property | property that is owned by individuals or companies, not by the government or the people as a whole |
| intellectual property | creations, such as books, songs, or symbols, that consist of ideas rather than physical objects |
| mixed economy | economic system that has some market-based elements and some level of government involvement |
| economic transition | a period of change in which a nation moves from one economic system to another |
| Privatization | the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in thee marketplace |
Created by:
leah_h
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