Eonomics - Topic 2 Vocabulary
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| innovation | the process of bringing new methods, products, or ideas into use
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| standard of living | level of economic prosperity
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| safety net | a set of government programs that protect people who face unfavorable economic conditions
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| economic system | the structure of methods and principles that a society uses to produce and distribute goods and services
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| traditional economy | an economic system that relies on habit, custom, or ritual to decide the three basic economic questions
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| market | any arrangement that allows buyers and sellers to exchange things
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| free market economy | an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets
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| self-interest | an individual’s own personal gain
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| competition | the struggle among producers for the dollars of consumers
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| factor market | the arena of exchange in which firms purchase the factors of production from households
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| product market | the arena of exchange in which households purchase goods and services from firms
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| centrally planned economy | an economic system in which the government makes all decisions on the three key economic questions
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| command economy | another name for a centrally planned economy
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| socialism | a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society
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| communism | a political system in which the government owns and controls all resources and means of production and makes all economic decisions
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| authoritarian | describes a form of government that limits individual freedoms and requires strict obedience from its citizens
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| private property | property that is owned by individuals or companies, not by the government or the people as a whole
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| mixed economy | economic system that has some market-based elements and some level of government involvement
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| economic transition | a period of change in which a nation moves from one economic system to another
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| open opportunity | the principle that anyone can compete in the marketplace
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| interest group | a private organization that tries to persuade public officials to act in ways that benefit its members
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| profit motive | the incentive that drives individuals and business owners to improve their material well-being
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| macroeconomics | the study of economic behavior and decision-making in a nation’s whole economy
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| microeconomics | the study of economic behavior and decision-making in small units, such as households and firms
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| gross domestic product (GDP) | the total value of all final goods and services produced in a country in a given year
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| business cycle | a period of macroeconomic expansion, or growth, followed by a period of contraction, or decline
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| patent | a government license that gives the inventor of a new product the exclusive right to produce and sell it
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| copyright | a government license that grants an author exclusive rights to publish and sell creative works
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| public good | a shared good or service for which it would be inefficient or impractical to make consumers pay individually and to exclude those who did not pay
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| market failure | a situation in which the free market, operating on its own, does not distribute resources efficiently
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| public sector | the part of the economy that involves the transactions of the government
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| private sector | the part of the economy that involves the transactions of individuals and businesses
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| externality | an economic side effect of a good or service that generates benefits or costs to someone other than the person deciding how much to produce or consume
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| welfare | government aid to the poor
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