Free Market
Command Economy
Economic Systems
Mixed Economy
Vocabulary
100
a place where buyers and sellers exchange things
What is a market
100
large farms released from the state to groups of peasant farmers
What are collectives
100
the regulating force behind the market
What is competition
100
a period of change in which an economy moves away from central planning toward a market based system
What is transition
100
level of economic prosperity
What is a standard of living
200
The productive efforts of individuals and firms on a limited number of activities; leads to efficient use of resources
What is specialization
200
a type of command economy where all economic and political power is resting in the hands of the central government
What is Communism
200
The economy in which children tend to have the same job as their parents
What is a traditional economy
200
the world's freest market
What is Hong Kong
200
economic system where the government plays a limited role
What is a mixed economy
300
the market in which households purchase the goods and services that firms produce
What is the product market
300
another word for dictator
What is authoritarian
300
market in which firms purchase the factors of production from households
What is a factor market
300
an economic system in a free market that is characterized by private or corporate ownership of capital goods
What is a free enterprise
300
the method used by society to produce and distribute goods and services
What is an economic system
400
free market philosopher; wrote "The Wealth of Nations"
Who is Adam Smith
400
the decade central planning was intorduced
What is the 1920s
400
a set of government programs that protect people experiencing unfavorable economic conditions
What is a safety net
400
the doctrine that government generally should not intervene in the marketplace
What is laissez faire
400
an organization that uses resources to produce a product and then sell the product
What is a firm
500
the motivating force behind the free market
What is self interest
500
the hope of reward or the fear of punishment that encourages a person to behave in a certain way
What is an incentive
500
term that desribes the self regulating nature of the marketplace
What is the "invisible hand"
500
money that the government receives from households and businesses to provide goods and services
What are taxes
500
the power of consumers to decide what gets produced
What is consumer sovereignty
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