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economics..
chapter 2 vocab.
| Question | Answer |
|---|---|
| economic system | structure of methods and principles that a society was uses to produce and distribute goods and services |
| factor payment | income people receive in return for supplying factors of production |
| profit | amount of money a business receives in excess expenses |
| safety net | set of government programs that protect people who face unfavorable economic conditions |
| standard of living | level of economic prosperity |
| innovation | process of bringing new methods, products, or ideas into use |
| traditional economy | economic system that relies on habit, custom, or ritual to decide the three key economic questions |
| market | any arrangement that allows buyers and sellers to exchange goods and services |
| specialization | concentration of productive efforts of individuals and businesses on a limited number of activities |
| free market economy | economic system in which decisions on three key economic questions are based on voluntary exchange in markets |
| household | a person or group living in single residence |
| firm | organization that uses resources to produce a product/service, which it then sells |
| factor market | arena of exchange in which firms purchase factors of production from households |
| product market | arena of exchange in which households purchase goods and services from firms |
| self-interest | an individual's own personal gain |
| incentive | hope of reward or fear of penalty that encourages a person to behave in a certain way |
| competition | struggle among producers for dollars of consumers |
| invisible hand | term coined by Adam Smith to describe the self-regulating nature of marketplace |
| consumer sovereignty | power of consumer to decide what gets produced |
| centrally planned economy | economic system in which government makes all decisions on three key economic questions |
| command economy | another name for centrally planned economy |
| socialism | range of economic and political systems based on belief that wealth should be distributed evenly throughout society |
| communism | political system in which government owns and controls all resources and means of production and makes all economic decisions |
| authoritarian | describes form of government that limits individual freedoms and requires strict obedience from citizens |
| laissez faire | doctrine that government generally shouldn't intervene in market place |
| private property | property that's owned by individuals or companies, not by government or people as a whole |
| mixed economy | market-based economic system in which government is involved to some extent |
| economic transition | period of change in which a nation moves from one economic system to another |
| privatization | process of selling businesses/services operated by government to individual investors and then allowing them to compete in market place |
| free enterprise system | economic system characterized by private/corporate ownership of capital goods |
| economic system | structure of methods and principles that a society was uses to produce and distribute goods and services |
| factor payment | income people receive in return for supplying factors of production |
| profit | amount of money a business receives in excess expenses |
| safety net | set of government programs that protect people who face unfavorable economic conditions |
| standard of living | level of economic prosperity |
| innovation | process of bringing new methods, products, or ideas into use |
| traditional economy | economic system that relies on habit, custom, or ritual to decide the three key economic questions |
| market | any arrangement that allows buyers and sellers to exchange goods and services |
| specialization | concentration of productive efforts of individuals and businesses on a limited number of activities |
| free market economy | economic system in which decisions on three key economic questions are based on voluntary exchange in markets |
| household | a person or group living in single residence |
| firm | organization that uses resources to produce a product/service, which it then sells |
| factor market | arena of exchange in which firms purchase factors of production from households |
| product market | arena of exchange in which households purchase goods and services from firms |
| self-interest | an individual's own personal gain |
| incentive | hope of reward or fear of penalty that encourages a person to behave in a certain way |
| competition | struggle among producers for dollars of consumers |
| invisible hand | term coined by Adam Smith to describe the self-regulating nature of marketplace |
| consumer sovereignty | power of consumer to decide what gets produced |
| centrally planned economy | economic system in which government makes all decisions on three key economic questions |
| command economy | another name for centrally planned economy |
| socialism | range of economic and political systems based on belief that wealth should be distributed evenly throughout society |
| communism | political system in which government owns and controls all resources and means of production and makes all economic decisions |
| authoritarian | describes form of government that limits individual freedoms and requires strict obedience from citizens |
| laissez faire | doctrine that government generally shouldn't intervene in market place |
| private property | property that's owned by individuals or companies, not by government or people as a whole |
| mixed economy | market-based economic system in which government is involved to some extent |
| economic transition | period of change in which a nation moves from one economic system to another |
| privatization | process of selling businesses/services operated by government to individual investors and then allowing them to compete in market place |
| free enterprise system | economic system characterized by private/corporate ownership of capital goods |
Created by:
Carlota Mergenthal