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