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Economic Terminology
Systems
Economic Goals
isms
Powers and markets
100
The belief that government should not intervene in the marketplace
What is laissez-faire?
100
economic system in which the government answers the three economic questions
What is command economy?
100
Fair policies
What is economic equity?
100
In this system, people elect representatives to decide how to use the factors of production.
What is democratic socialism?
100
The ability to tax, regulate interstate commerce, and have debt are all examples of this.
What are Article 1, Section 8 Powers?
200
method used by society to distribute goods and services
What is economic system?
200
system that relies on habit, custom, or ritual
What is traditional economy?
200
Well-being of society, wealth.
What is standard of living?
200
Free market philosopher. The "founder" of modern capitalism.
Who was Adam Smith?
200
In resource markets, households give this.
What are factors of production?
300
economic system in which goods and services are voluntarily exchanged between producers and consumers
What is a Market economy?
300
term used by Karl Marx to describe a “classless society”
What is Communism?
300
Using stuff wisely.
What is economic efficiency?
300
The founder of Communism.
Who was Karl Marx?
300
In the resource market: businesses give this.
What are income?
400
rivalry among producers of similar goods and services to win more business
What is competition?
400
system in which the government owns and manages the factors of production according to the will of the people
What is socialism?
400
An expanding economy.
What is economic growth?
400
Stuff that you, not the government, own.
What is private property?
400
In the product market: households give this.
What is revenue?
500
Competition and self-interest working together to operate the economy.
What is the Invisible Hand?
500
System in which the government and voluntary exchanges regulate the economy
What is Mixed economy?
500
The ability of the government to take your land with compensation.
What is eminent domain?
500
In the product market: businesses give this.
What are goods and services?