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15 Cards in this Set
- Front
- Back
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Cpaitalism |
an economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state. |
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Command Economy |
an economy in which production, investment, prices, and incomes are determined centrally by a government. |
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Consumer Sovereignty |
the situation in an economy where the desires and needs of consumers control the output of producers. |
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Economic System |
An economic system is a system of production and exchange of goods and services as well as allocation of resources in a society. |
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Fixed Income |
an income from a pension or investment that is set at a particular figure and does not vary (as a dividend) or rise with the rate of inflation. |
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Free Enterprise |
an economic system in which private business operates in competition and largely free of state control. |
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Inflation |
a general increase in prices and fall in the purchasing value of money. |
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Market Economy |
A market economy is an economy in which decisions regarding investment, production, and distribution are based on supply and demand, and prices of goods and services are determined in a free price system. |
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Mixed Economy |
an economic system combining private and public enterprise. |
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Private Property Rights |
Laws created by governments in regards to how individuals can control, benefit from and transfer property. |
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Profit |
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
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Profit Motive |
The intent to achieve monetary gain in a transaction or material endeavor. |
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Social Security |
any government system that provides monetary assistance to people with an inadequate or no income. |
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Traditional Economy |
A traditional economy is an original economic system in which traditions, customs, and beliefs shape the goods and the services theeconomy produces, as well as the rules and manner of their distribution. It's very useful in all countries to provide goods for others. |
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Voluntary Exchange |
Voluntary exchange is the act of buyers and sellers freely and willingly engaging in market transactions. Moreover, transactions are made in such a way that both the buyer and the seller are better off after the exchangethan before it occurred. |
