Business Econ Chp. 2
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| socialism | political and economic system in which the government owns and controls some factors of production
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| Stagnation | lack of movement
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| fixed | income that does not increase even though prices go up
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| communism | economic and political system in which all factors of production are collectively owned and controlled by the state
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| inflation | rise in the general factors of production
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| free enterprise | economy where people carry on their economic affairs freely but are subjected to some government intervention and regulation
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| mixed | economic system that has some combination of traditional command and market economies
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| incentive | something that motivates
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| consumer sovereignty | role of consumer as ruler of the market when determining the types of goods and services produced
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| social security | federal program of disability and retirement benefits that covers most working people
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| profit | extent to which persons or organizations are better off financially at the end of a period than they were at the beginning
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| voluntary exchange | act of buyers and sellers freely and willingly engaging in market transactions
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| competition | struggle among sellers to attract consumers
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| catalyst | something that stimulates activity among people or force
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| capitalism | economic system in which private citizens own and use the factors of production in order to generate profits
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| profit motive | incentive that encourages people and organizations to improve their financial and material well-being
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| regulator | someone or something that controls activities
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| command | economic system characterized by with a central authority that makes most of the major economic decisions
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| market | meeting place or mechanism that allows buyers and sellers to come together
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| traditional | economic system in which the allocation of scare resources and other economic activities are based on ritual, habit, or custom
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| private property rights | fundamental feature of capitalism that allows individuals to own and control their possessions as they wish.
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| a disadvantage of a market economy is | it does not provide for everyone
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| An advantage of a command economy is that | can change direction drastically
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| the following societies are examples of traditional economies | african mbuti, inuit
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| the former soviet union was what type of economy | command economy
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| what best describes a market economy | a teenage girl deciding how to spend the extra money she earned working overtime
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| The u.s economic and social goals include | economic freedom, economic equity, and economic growth
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| economic goals are essential because they | help us to determine if our economic system is meeting our needs
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| an example of economic growth is | when a electric automobile plant opens, 1000 jobs created
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| economic security an important goal of the U.S. because | americans desire protection from adverse economic conditions, such as layoffs and illnesses
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| by increasing minimum wage it will raise the unemployment rate. this is an example of | the trade off among social and economi goals
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| the feature of capitalism that allows people to own and control their possessions is referred to as | private property rights
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| entrepreneurs are important to free enterprise because | entrepreneurs start new businesses
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| modified free enterprise is also called a | mixed economy
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| consumers demonstrate their power in the u.s economy | by deciding what to purchase
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| protector, provider, regulator, and consumer are roles played by | government in U.S.
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| in a command economy, the role of a government is to | make major economic decisions
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| an example of a market economy is | the united states
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| who ultimately determines the products that a free enterprise economy produces | consumers
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| the united states has a | modified free enterprise system
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| who starts new businesses in the free enterprise system | entrepreneurs
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| a characteristic of a traditional economy is | it discourages new ideas and new ways of doing thing
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| a market economy | features decentralized decision making
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| the minimum wage is an example of | economic exchange means
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| voluntary exchange means | people freely and willingly engage in market transactions
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| the economic system that can change direction quickly and drastically is | command
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