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Key Terms
Economic System
Characteristics of Economies
Key Concerns
Tough Questions
100
Government programs that protect people experiencing unfavorable economic conditions
What is Safety Net
100
method used by society to produce and distribute goods and services
What is economic system
100
each person makes their own economic descions
What is free market system
100
What goods and Services wshould be produced? How should these goods and services be produced? Who consumes these goods and services?
What is the three economic questions
100
a circular flow diagram is used to
What is describe product and factor markets
200
level of economic prosperity
What is standard of living
200
system based that relies on habit, custom, or ritual to decide questions of consumption and production of goods and services
What is tradtional economy
200
the government controls everyday decsions
What is a centrally planned economy
200
the market in which households purchase the goods and services from the firms
What is a product market
200
the most important advantage of a free market
What is it encourages growth
300
a period of change in an economy
What is transition
300
an economic system with free market tendencies as well as some government involvement
What is a mixed economy
300
usually involves an authoritarian government
What is communism
300
the income people recieve for supplying the factors of production
What is factor payments
300
incentive that motivates a company to sell a good or service
What is making a profit
400
philosophy based on the belief that democratic means should be used to distribute wealth evenly throughout society
What is socialism
400
economic system in which the government has control of everything
What is centrally planned economy
400
this theory believes that a revolution is needed for a change to occur
What is a communism
400
doctrine that states governments should not interfere in the marketplace
What is laissez faire
400
a large soviet farm leased from the state to groups of peasant farmers
What is a collective
500
requiring strict obdience to someone such as a dictator
What is authoritarian
500
children have the same jobs that their parents did
What is a charisteristic of a tradtional economy
500
the way Chinese economy of today would be described
What is mixed but on the side of centrally planned
500
Economic Growth and Innovation, Economic Equity, Economic Effiency, Economic Freedom,
What is the economic goals
500
leader that introduced communism and central planning to the Soviet Union.
Who is Vladimir Lenin