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Vocabulary Chap 2

Economy or Economic System an organized way of providing for the wants and needs of their people
Traditional Economy economy which is based on ritual, habit, or custom
Command Economy economy in which the government makes most economic decisions
Market Economy economy in which people and firms act in their own best interests; individuals make economic decisions
Social Security a federal program of disability and retirement benefits that covers most working people
Inflation a rise in the general level of prices
Fixed Income an income that does not increase even though prices go up
Capitalism economy in which private citizens control the factors of production
Free Enterprise economy in which competition is allowed to flourish with minimal government interference
Voluntary Exchange buyers and sellers freely and willingly participating in market transactions
Private Property Rights privilege that entitles people to own and control their possessions as they wish
Profit the extent to which a person or business is better off at the end then at the beginning
Profit Motive the driving force that encourages people or businesses to improve their material well-being
Competition struggle of sellers to attract consumers and lower costs
Consumer Sovereignty role of consumers to rule the market
Mixed Economy some combination of the 3 pure economies (traditional, market, and command) that form a new kind of economy ex: capitalism
Created by: kvanolson