Terms : Hide Images
| 307654546 | Economic System | Method used by society to produce and distribute goods and services. | 0 | |
| 307654547 | Factor Payments | Income people receive for supplying factors of production. | 1 | |
| 307654548 | Patriotism | Love of one's country. | 2 | |
| 307654549 | Safety Net | Government programs that protect people experiencing unfavorable economis conditions | 3 | |
| 307654550 | Standard of living | Level of economic prosperity | 4 | |
| 307654551 | Traditional economy | Economic system that relies on habit, custon, or riual to decide questions of production and consumption of goods and services. | 5 | |
| 307654552 | Market Economy | Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets.` | 6 | |
| 307654553 | Centrally Based Economy | Economic system in which the central government maks all decisions on the production and consumption of goods and services. | 7 | |
| 307654554 | Command Economy | Economic system in which a central authority is in command of the economy; a centrally planned economy. | 8 | |
| 307654555 | Mixed Economy | Market-based economic system with limited government involvement. | 9 | |
| 307654556 | Market | Place we can buy and sell things. | 10 | |
| 307654557 | Specialization | Concentration of the productive efforts of individuals and firms on a limited number of activities. | 11 | |
| 307654558 | Household | Person or group of people living in the same residence. | 12 | |
| 307654559 | Firm | Company or Business | 13 | |
| 307654560 | Factor Market | Market in which firms purchase the factors of production from households. | 14 | |
| 307654561 | Profit | Financial gain made in transaction | 15 | |
| 307654562 | Product Market | Market in which households purchase the goods and services that firms produce. | 16 | |
| 307654563 | Self-interest | One's own personal gain. | 17 | |
| 307654564 | Incentive | An expectation that encourages people to behave in a certain way. | 18 | |
| 307654565 | Competition | The struggle among producers for the dollars of consumers. | 19 | |
| 307654566 | Invisible Hand | The unseen force driving the free market economies, when each person seeks to benefit himself/herself, but in doing so everyone benefits. | 20 | |
| 307654567 | Consumer Sovereignity | The power of consumers to decide what gets produced. | 21 | |
| 307654568 | Socialism | Social and political philosphy based on the belief that deomocratic means should be used to distribute wealth evenly throughout a society. | 22 | |
| 307654569 | Communism | Political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government. | 23 | |
| 307654570 | Authoritarian | Requiring strict obedience to an authority, such as a dictator. | 24 | |
| 307654571 | Collective | Large farm leased from the state to groups of peasant farmers. | 25 | |
| 307654572 | Heavy industry | Industry that requires a large capital investment and that produces items used in other industries. | 26 | |
| 307654573 | Laissez Faire | The doctrine that states that government generally shouldn't intervene in the marketplace | 27 | |
| 307654574 | Private Property | Property owned by individuals or companies, not by the government or the people as a whole. | 28 | |
| 307654575 | Free Enterprise System | Another name for "capitalism" or "free market," an economic system based on profit motive, voluntary exchange, private property rights, competition, freedom for producers and consumers. | 29 | |
| 307654576 | Continuum | A range with no clear divisions. | 30 | |
| 307654577 | Transition | Period of change in which an economy moves away from a centrally planned economy toward a market-based system. | 31 | |
| 307654578 | Privatize | To sell state-run firms to individuals. | 32 | |
| 1569466513 | Capitalism | Another name for "free market" or "free enterprise". | 33 | |
| 2708654410 | the Economy | The total wealth and resources of a community or nation; all producers, distributors, and consumers of goods and services in a local, regional, or national community | 34 |
