chapter 2 vocab.
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| economic system | structure of methods and principles that a society was uses to produce and distribute goods and services
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| factor payment | income people receive in return for supplying factors of production
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| profit | amount of money a business receives in excess expenses
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| safety net | set of government programs that protect people who face unfavorable economic conditions
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| standard of living | level of economic prosperity
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| innovation | process of bringing new methods, products, or ideas into use
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| traditional economy | economic system that relies on habit, custom, or ritual to decide the three key economic questions
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| market | any arrangement that allows buyers and sellers to exchange goods and services
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| specialization | concentration of productive efforts of individuals and businesses on a limited number of activities
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| free market economy | economic system in which decisions on three key economic questions are based on voluntary exchange in markets
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| household | a person or group living in single residence
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| firm | organization that uses resources to produce a product/service, which it then sells
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| factor market | arena of exchange in which firms purchase factors of production from households
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| product market | arena of exchange in which households purchase goods and services from firms
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| self-interest | an individual's own personal gain
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| incentive | hope of reward or fear of penalty that encourages a person to behave in a certain way
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| competition | struggle among producers for dollars of consumers
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| invisible hand | term coined by Adam Smith
to describe the self-regulating nature of marketplace
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| consumer sovereignty | power of consumer to decide what gets produced
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| centrally planned economy | economic system in which government makes all decisions on three key economic questions
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| command economy | another name for centrally planned economy
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| socialism | range of economic and political systems based on belief that wealth should be distributed evenly throughout society
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| communism | political system in which government owns and controls all resources and means of production and makes all economic decisions
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| authoritarian | describes form of government that limits individual freedoms and requires strict obedience from citizens
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| laissez faire | doctrine that government generally shouldn't intervene in market place
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| private property | property that's owned by individuals or companies, not by government or people as a whole
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| mixed economy | market-based economic system in which government is involved to some extent
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| economic transition | period of change in which a nation moves from one economic system to another
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| privatization | process of selling businesses/services operated by government to individual investors and then allowing them to compete in market place
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| free enterprise system | economic system characterized by private/corporate ownership of capital goods
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| economic system | structure of methods and principles that a society was uses to produce and distribute goods and services
🗑
|
||||
| factor payment | income people receive in return for supplying factors of production
🗑
|
||||
| profit | amount of money a business receives in excess expenses
🗑
|
||||
| safety net | set of government programs that protect people who face unfavorable economic conditions
🗑
|
||||
| standard of living | level of economic prosperity
🗑
|
||||
| innovation | process of bringing new methods, products, or ideas into use
🗑
|
||||
| traditional economy | economic system that relies on habit, custom, or ritual to decide the three key economic questions
🗑
|
||||
| market | any arrangement that allows buyers and sellers to exchange goods and services
🗑
|
||||
| specialization | concentration of productive efforts of individuals and businesses on a limited number of activities
🗑
|
||||
| free market economy | economic system in which decisions on three key economic questions are based on voluntary exchange in markets
🗑
|
||||
| household | a person or group living in single residence
🗑
|
||||
| firm | organization that uses resources to produce a product/service, which it then sells
🗑
|
||||
| factor market | arena of exchange in which firms purchase factors of production from households
🗑
|
||||
| product market | arena of exchange in which households purchase goods and services from firms
🗑
|
||||
| self-interest | an individual's own personal gain
🗑
|
||||
| incentive | hope of reward or fear of penalty that encourages a person to behave in a certain way
🗑
|
||||
| competition | struggle among producers for dollars of consumers
🗑
|
||||
| invisible hand | term coined by Adam Smith
to describe the self-regulating nature of marketplace
🗑
|
||||
| consumer sovereignty | power of consumer to decide what gets produced
🗑
|
||||
| centrally planned economy | economic system in which government makes all decisions on three key economic questions
🗑
|
||||
| command economy | another name for centrally planned economy
🗑
|
||||
| socialism | range of economic and political systems based on belief that wealth should be distributed evenly throughout society
🗑
|
||||
| communism | political system in which government owns and controls all resources and means of production and makes all economic decisions
🗑
|
||||
| authoritarian | describes form of government that limits individual freedoms and requires strict obedience from citizens
🗑
|
||||
| laissez faire | doctrine that government generally shouldn't intervene in market place
🗑
|
||||
| private property | property that's owned by individuals or companies, not by government or people as a whole
🗑
|
||||
| mixed economy | market-based economic system in which government is involved to some extent
🗑
|
||||
| economic transition | period of change in which a nation moves from one economic system to another
🗑
|
||||
| privatization | process of selling businesses/services operated by government to individual investors and then allowing them to compete in market place
🗑
|
||||
| free enterprise system | economic system characterized by private/corporate ownership of capital goods
🗑
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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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Created by:
Carlota Mergenthal