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CH 2 vocabulary jw
| Question | Answer |
|---|---|
| the way a society uses resources to satisfy its people's wants. | economic system |
| an economic system in which people produce and distribute goods according to customs handed down from generation to generation. | traditional economy |
| An economic system in which the government makes all the economic decisions. | Command economy |
| An economic system i which individual choice and voluntary exchange direct economic decisions. | Market economy |
| A system in which central government officials make all economic decisions. | Centrally planned economy |
| An economic system in which government owns some or all of the factors of production. | Socialism |
| An economic system in which the governement owns all the factors of production and there is little or no political freedom. | Communisim |
| Systems that require absolute obedience to those in power. | Authoritarian |
| The rights of individuals and groups to own businesses and resources. | private property rights |
| Any place where people buy and sell goods and services. | Market |
| The principle that the government should not interfere in the market place. | Laissez faire |
| An economic system that is based on private ownership of factors of production. | Capitalism |
| A trade in which both traders believe that what they are getting is worth more than what they are giving up. | Voluntary Exchange |
| A financial gain that a seller makes from a business transaction. | Profit |
| Involves all the actions sellers, acting independently, do to get buyers to purchase their products. | Competition |
| the idea that consumers have the ultimate control over what is produced because they are free to buy what they want and to reject what they don't want. | Consumer Sovereignty |
| A situation in which people concetrate their efforts in the activities that they do best. | Specialization |
| A tool that economists use to understand how market economies work. | Circular Flow Model |
| The market where goods and services are bought and sold. | Product Market |
| The market for the factors of production--land, labor, capital, and entrepreneurship. | Factor Market |
| An economy that has elements of traditional, command, and market systems. | Mixed economy |
| Means to change from private ownership to government or public ownership. | Nationalize |
| Means to change from government or public ownership to private ownership. | Privatize |
| Refers to all the economic interactions that cross international boundaries. | Global Economy |
Created by:
joannw15
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