Vocabulary
types of economies

chapter 2
somewhere in
chapter 2
somewhere in chapters 1-2
100
meeting place or mechanism through which buyers and sellers of an economic product come together; may be local, regional, national, or global.
What is a market?
100
In a __________ economy the use of scarce resources stems from ritual, habit and custom.
What is traditional
100
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
What is capitalism
100
He wrote the Communist Manifesto
Who is Karl Marx
100
natural resources or "gifts of nature" not created by human effort; one of the four factors of production
What is land
200
organized way a society provides for the wants and needs of its people.
What is economic system
200
the three main types of economic systems are
What are traditional, command and market
200
shift of an economy or part of an economy, from private ownership to government ownership
What is nationalization
200
Resources are quickly and effectively mobilized on a large scale.
What is advantage of command economy
200
Less incentive to work hard or create quality products, less freedom to choose your job or what to produce, government leaders benefit themselves.
What is disadvantage of socialism or communism
300
economy where 60% of goods are made by private businesses
What is free market economy
300
Economic system that has some combination of all three types of economies
What is mixed economy
300
Countries that have this type of economy have them because of the benefits this economy offers
What is mixed economy
300
certificates that could be used to purchase government-owned property during privatization
What are vouchers
300
market economy in which privately owned businesses have the freedom to operate or a profit with limited government intervention
What is free enterprise economy
400
the forces of demand and supply determine price and quanitity bought
What is market forces
400
the transfer of a business, industry, or service from public to private ownership and control
What is privitization
400
GDP per capita means this
What is Gross Domestic Product per person
400
worst period of economic decline in U.S. history, lasting from approximately 1929 to 1939.
What is Great Depression
500
the rest of the economy apart from the public sector, owned and controlled by private individuals and businesses
What is private sector
500
the three questions that determines the type of economic system
What are what, how and for whom to produce
500
Everyone knows which role to play
What is advantage of traditional economy
500
the association of European nations created in 1993 to develop a single market with full economic and political cooperation
What is European Union (EU)
500
diagram representing all possible combinations of goods and/or services an economy can produce when all productive resources are fully employed.
What is production possibilities curve
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