Vocabulary
An _______ ______ is an organizational structure for addressing what, how, and for whom to produce.
What is an Economic System
A ____ is a privately owned organization that produces goods or services and sells them to others?
What is a Firm
In which economy are decisions about resources are made by habit, custom, superstition, or religious tradition.
What is a Traditional Economy
In which economic system are most resources and
businesses privately owned.
What is a Capitalist System
Government programs that protect people from experiencing unfavorable economic conditions
What is a Social Safety Net
The quality of being fair and just
What is Equity
A ________ consists of an individual or a group of people who live together and share income, such as you and your family
What is a Household
In which economy do central planners make the important decisions about what, how, and for whom to produce
What is a Command Economy
____ ________ are payments for the use of resources
What are Factor payments
___________ is the placement of limits on the amount of goods each person can purchase.
What is Rationing
Achieved when an economy takes every opportunity to make some people better off without making anyone worse off.
What is Efficiency
_______ _______ are where goods and services are exchanged for money.
What is a Product Market
In which economy, are most key economic decisions made by business owners and consumers?
What is a Market Economy
An increase in the amount of goods and services an economy can produce over time
What is Economic Growth
What is a rule of conduct passed by federal, state, or local governments
What is Regulation
The ability to continue actions indefinitely
What is Sustainability
_____ ______ are where resources are exchanged for money.
What are Factor Markets
Which economy combines a market economy with significant government involvement and elements of
tradition?
What is a Mixed Economy
The confidence of citizens in their ability to support themselves and their families
What is Economic Security
Citizen groups known as general assemblies, along with councils of workers and consumers, are the primary decision makers
What is Socialism
A _________ is the prospect of a reward or punishment that influences a decision or motivates greater effort.
What is an Incentive
What models illustrates the interactions between key
players in the economy?
What is a Circular Flow Diagram
What is an economic system based on private (individual or business) ownership of resources and voluntary exchange.
What is a free- enterprise system
The ability for people to make economic decisions for themselves
What is Economic Freedom
Legislators from a single political party— the Communist Party— establish wages, oversee production, and allocate goods according to the needs of citizens.
What is an Communism