economic systems
The method used by a society to produce and distribute goods and services .
What is an economic system ?
A combination of desire , ability , and willingness to buy a product .
What is demand ?
Any good that is widely accepted for purposes of exchange and in the repayment of debt .
What is money ?
Contains elements of both market and command economies .
What is a mixed economic system ?
study that deals with the problem of how to allocate the world's scarce resources between the competing and unlimited wants and needs of people
What is economics ?
The French saying meaning “Let them do as they please”.
What is Laissez Faire ?
An amount of product offered for sale at all possible prices in a market .
What is supply ?
Exchanging goods and services for other goods and services without the use of money .
What is Barter ?
Government ruled by the people through voting and representation .
What is a democracy ?
How to best allocate scarce resources to meet the wants and needs of society
What is factors of production ?
An economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in the market .
What is a market economy ?
A graph showing the quantity demanded at each and every possible price that might prevail in the market at any given time .
What is a demand curve ?
A function of money, the ability of an item to hold value over time .
What is a store of value ?
System of government in which one, all-powerful, leader controls the country . Military power is encouraged and opposition is discouraged .
What is a dictatorship ?
Simplest economic model that represents scarcity , trade-offs , and opportunity costs
What is a productions possibility curve ?
Government Programs that protect people experiencing unfavorable economic conditions .
What is a Safety Net ?
The measure of the way in which the quantity demanded responds to the change in price .
What is elasticity of demand ?
An interest-earned account at a commercial bank or thrift institution.
What is a savings deposit ?
This is a country with only one political party. People are forced to do what the government tells them and may also be prevented from leaving the country .
What is a totalitarian ?
Producing more of the good or service with the given inputs
What is an absolute advantage ?
An economic system characterized by private or corporate ownership of capital goods .
What is free enterprise ?
The satisfaction or usefulness obtained from acquiring one more unit of a product .
What is marginal utility ?
Bank deposits at the Fed .
What is a reserve account ?
What to produce ? How to produce ? For whom to produce ?
What are the three basic economic questions ?
Producing a particular good at a or service at a lower per unit opportunity cost
What is a comparative advantage ?