chapter 2 vocab.
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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| economic system | show 🗑
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| factor payment | show 🗑
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| profit | show 🗑
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| show | set of government programs that protect people who face unfavorable economic conditions
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| show | level of economic prosperity
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| show | process of bringing new methods, products, or ideas into use
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| show | economic system that relies on habit, custom, or ritual to decide the three key economic questions
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| market | show 🗑
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| show | concentration of productive efforts of individuals and businesses on a limited number of activities
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| free market economy | show 🗑
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| household | show 🗑
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| firm | show 🗑
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| show | arena of exchange in which firms purchase factors of production from households
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| show | arena of exchange in which households purchase goods and services from firms
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| show | an individual's own personal gain
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| incentive | show 🗑
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| show | struggle among producers for dollars of consumers
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| show | term coined by Adam Smith
to describe the self-regulating nature of marketplace
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| show | power of consumer to decide what gets produced
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| show | economic system in which government makes all decisions on three key economic questions
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| show | another name for centrally planned economy
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| socialism | show 🗑
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| show | political system in which government owns and controls all resources and means of production and makes all economic decisions
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| authoritarian | show 🗑
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| laissez faire | show 🗑
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| show | property that's owned by individuals or companies, not by government or people as a whole
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| show | market-based economic system in which government is involved to some extent
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| economic transition | show 🗑
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| show | 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 | show 🗑
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| economic system | show 🗑
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| factor payment | show 🗑
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| profit | show 🗑
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| show | set of government programs that protect people who face unfavorable economic conditions
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| show | level of economic prosperity
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| show | process of bringing new methods, products, or ideas into use
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| traditional economy | show 🗑
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| show | any arrangement that allows buyers and sellers to exchange goods and services
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| show | concentration of productive efforts of individuals and businesses on a limited number of activities
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| free market economy | show 🗑
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| household | show 🗑
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| show | organization that uses resources to produce a product/service, which it then sells
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| show | arena of exchange in which firms purchase factors of production from households
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| show | arena of exchange in which households purchase goods and services from firms
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| show | an individual's own personal gain
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| show | hope of reward or fear of penalty that encourages a person to behave in a certain way
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| show | struggle among producers for dollars of consumers
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| invisible hand | show 🗑
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| consumer sovereignty | show 🗑
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| show | economic system in which government makes all decisions on three key economic questions
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| command economy | show 🗑
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| show | range of economic and political systems based on belief that wealth should be distributed evenly throughout society
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| communism | show 🗑
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| show | describes form of government that limits individual freedoms and requires strict obedience from citizens
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| laissez faire | show 🗑
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| show | property that's owned by individuals or companies, not by government or people as a whole
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| mixed economy | show 🗑
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| show | period of change in which a nation moves from one economic system to another
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| privatization | show 🗑
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| free enterprise system | show 🗑
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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.
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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