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10 Cards in this Set
- Front
- Back
Economic system |
The method used by a society to produce and distribute goods and services |
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Factor payments |
The income people receive for supplying factors of production, such as land, labor, or capital |
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Patriotism |
The love of one's country; the passion that inspires a person to serve his or her country |
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Safety net |
Government programs that protect people experiencing unfavorable economic conditions |
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Standard of living |
Level of economic prosperity |
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Traditional economy |
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption if goods and services |
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Market economy |
Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets |
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Centrally planned economy |
Economic system in which the central government makes all decisions on the production and consumption of goods and services |
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Command economy |
Economic system in which a central authority is in command of the economy; a centrally planned economy |
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Mixed economy |
Market-based economic system with limited government involvement |