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Econ-Unit 2-Test
| Term | Definition |
|---|---|
| laisses-faire | economic philosophy that apposes government intervention in the market |
| command economy | an economy in which a central government authority makes all basic economic decisions and controls the factors of production |
| market economy | an economy in which the government has little say in what, how, and for whom goods are produced and in which the factors of production are owned by individuals |
| traditional economy | an economy in which production is based on customs and traditions |
| mixed economy | an economy that combines elements of the traditional, market, and command economic models |
| profit motive | the desire for financial gain as an incentive in economic activity |
| consumer sovereignty | the situation in an economy where the desires and needs of consumers control the output of producers |
| government regulation | a law that controls the way that a business can operate |
| competition | a state of rivalry among sellers of the same or similar product |
| private ownership | the fact of being owned by a private individual or organization, rather than by the state or public body |
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