Vocabulary Chap 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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| Economy or Economic System | an organized way of providing for the wants and needs of their people
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| Traditional Economy | economy which is based on ritual, habit, or custom
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| Command Economy | economy in which the government makes most economic decisions
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| Market Economy | economy in which people and firms act in their own best interests; individuals make economic decisions
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| Social Security | a federal program of disability and retirement benefits that covers most working people
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| Inflation | a rise in the general level of prices
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| Fixed Income | an income that does not increase even though prices go up
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| Capitalism | economy in which private citizens control the factors of production
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| Free Enterprise | economy in which competition is allowed to flourish with minimal government interference
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| Voluntary Exchange | buyers and sellers freely and willingly participating in market transactions
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| Private Property Rights | privilege that entitles people to own and control their possessions as they wish
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| Profit | the extent to which a person or business is better off at the end then at the beginning
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| Profit Motive | the driving force that encourages people or businesses to improve their material well-being
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| Competition | struggle of sellers to attract consumers and lower costs
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| Consumer Sovereignty | role of consumers to rule the market
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| Mixed Economy | some combination of the 3 pure economies (traditional, market, and command) that form a new kind of economy
ex: capitalism
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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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Created by:
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