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Chapter 2 vocab sal

set of mechanism and institutions that resolves the what, how, and for whom question for an economy (Descibes how an economy works and what an economy is. How an economy works in real life) Economic System
an economic system with no government involvement so that private firms account for all production. (does NOT exist in real world) Pure Market Economy
an economic system in which all resources are government owned and production is coordinated by central plans of government. (does NOT exist in real world) Pure Centrally Planned Economy
public ownership of all resources Communal
an economic system that mixes central planning with competitive markets. ( Mixed Economy
an economic system in the process of shifting from central planning to competitive markets. ( Transitional Economy
an economic system shaped largely by custom or religion. ( Traditional Economy
shows the possible combinations of the 2 types of goods that can be produced when available resources are employed fully and efficiently. ( Production Possibilities Frontier (PPF)
producing the maximum possible output from available resources. ( Efficiency
each additional increment of one good requires the economy to give up successively larger increments of the other good. ( Law of Increasing Opportunity Cost
expansion in the economy's production possibilities or ability to produce. ( Economic Growth
to be able to make something using fewer resource than other producers require. ( Absolute Advantage
the worker, firm, region, or country, with the lowest opportunity cost of producing an output should specialize in that output. ( Law of Comparative Advantage
occurs when workers focus on single tasks, enabling each one to be more efficent and production. (allows you to focus on one job and become excellent at it) Specialization
system of exchange in which products are traded directly for other products. ( Barter
any physical object that everyone is willing to accept in exchange for goods and services. ( Money
an action that sorts the production process into seperate tasks to be carried out by seperate workers. (enables us to live our lives) Division of Labor
Created by: cerredfern