KWHS
economic system in which decisions on production and consumption of goods are based on voluntary exchange in markets
what is market economy
An arrangment that allows buyers and sellers to exchange things
What is market
Money you put aside to keep or spend later
What is savings?
is incentive an expectation that encourages people to behave in a certain way
true
market-based economic system with limited government involvement
what is mixed economy
a person or group of people living in the same residence
What is household
A building where people's money is kept
What is a bank?
is invisible hand a term economists use to describe the self-regulating nature of the marketplace
true
economic system in which a central authority is in command of the economy; a centrally planned economy
what is command economy
organization that uses resources to produce a product, which it then sells
What is firm
money earned
What is income?
a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
what is socialism
economic system in which the central government makes all decisions on the production and consumption of goods and services
centrally planned economy
ones own personal gain
what is self interest
Exchanging goods and services without using money
What is barter?
Is homeless property owned by individuals or companies, not by the government or the people as a whole
false , private property
market in which firms purchase the factors of production from households
what is factor market
struggle among producers for the dollars of consumers
What is competition
Buying something and promising to pay for it later
What is credit?
is government policy an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
false ,,free enterprise