Chapter 2
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Traditional economy | Based on society's values- customs and traditions
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| Command economy | relys on goverment officials to answer the three basic economic questions
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| market economy | individuals answer the three basic economic questions
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| market | free exchange of goods and services
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| self interest | the impulse that incourages people to fulfill their needs and wants
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| incentive | somemthing that incourages you to bnehave in a particular way
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| mixed economy | combines elements of traditional , markets, and command economic models to answer the basic economic questions
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| authorization socialism | Mixed economies that are closet to the pure command model
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| communism | goverment owns or ocntrols nearly all known factors of production
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| capitalism | individuals own the factors of production and answer the basic economic questions
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| democratic socialism | the government own some of the factors of production
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| free eneterprise | A system which business can be conducted freely with little government intervention
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| private property | goods that are owned by individuals and by businesses rather than by the government
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| contracts | Individuals also have the right to enter agreements with one another to buy and sell goods and services
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| competition | economic rivalry that exist among businesses that are selling the same or similar products
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| voluntary exchange | when producers and consumers unconditionally purchase and sell products and they believe the opportunity cost is acceptable for both parties
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| product market | represents all the exchanges of goods and services in the economy
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| resource market | the exchange of resources between households- individuals like you who the own the factors of production- and business firms and the goverment who are the users of the resources
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| income | money paid to households by business firms and the government in echange for the households resources
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| full employment | lowest possible level of unemployment in the economy
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| price stability | achieved when the overall price level of the goods and services available in the economy is relatively constant
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| standard of living | refers to people's economic well being
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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