Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Macro-Economics
Vocabulary Chap 2
| Question | Answer |
|---|---|
| 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
Popular Finance sets