chapter 2 Word Scramble
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| Term | Definition |
| traditional economy | based on a society's values |
| command economy | relies on government officials to answer the three basic economic questions |
| market economy | individuals answer the three basic economic questions |
| market | provides the only form of control over what goods and services |
| self-interest | the impulse that encourages people to fulfill thier needs and wants |
| incentive | is somthing that encourages you to behave in a particular way |
| mixed economy | combines elements of traditional market and comand |
| authoritarian socialism | mixed economies that are closest to pure command model are said to practice |
| communism | economies the government owns or controls nearly all the factors of production |
| capitalism | individuals own the factors of production and answer the basic economic questions |
| democratic socialism | the governemt owns some of the factors of production |
| free enterprise | is the system under which bisness can be conducted freely with little government |
| private property | goods that are owned by individuals and by businesses |
| contracts | individuals also have the right to enter into agreements with one another to buy and sell goods and services |
| competition | is the economic rivalry that exsists among businesses selling the same or similar products |
| voluntary exchange | When producers and consumers unconditionally purchase and sell products. |
| product market | Represents all of the exchange of goods and services in the economy. |
| resource market | Represents the exchange of resources between households:individuals like you who own factors of production. |
| income | The money paid to household by buisness firms and the government in exchange for the households resources. |
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