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Economic Systems

Vocab

QuestionAnswer
an economy in which production is based on customs and tradition Traditional economy
where a central government authority makes all basic decisions Command economy
where the government has little say in what how and for whom goods are made for Market economy
free exchange of goods and services Market
the impulse that encourages people to fulfill their needs and wants Self-interest
something that encourages an action or effort Incentive
economy that combines elements of the traditional command and market Mixed economy
system where government controls most factors of production (Communism) Authoritarian socialism
economic system where government controls nearly all factors of production Communism
a market-based economic system where individuals control factors of production Capitalism
system where the producing distributing of goods is controlled by government Democratic socialism
system where private businesses operate with minimal government involvement Free enterprise
property that is owned by individuals and businesses not government Private property
legal binding agreement oral or written between individuals Contracts
a state of rivalry among sellers of the same or similar products Competition
unconditional and beneficial transfer of goods between producer and consumer Voluntary exchange
market in which producers offer final goods and services Product market
market in which households exchange resources with businesses and the government Resource market
money payments households receive funds businesses take in Income
lowest possible level of unemployment in an economy Full employment
the condition that exists when price levels remain relatively constant over time Price stability
peoples economic well being determined by the goods services used over time Standard of living
Created by: shupeer
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