economics.. Word Scramble

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Question	Answer
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
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

Created by: Carlota Mergenthal