Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
24 Cards in this Set
- Front
- Back
- 3rd side (hint)
|
Traditional Economy |
The type of economy that centers on fanilies,clans,or,tribes; decisions are based on customs and beliefes. |
|
|
|
Mixed Economy |
Economy that has elements of traditional,command,market systems . |
|
|
|
Laissez-Faire |
The belief that govern ment should not interfere in the economy |
|
|
|
Product market |
The market where goods and services are bought and sold |
|
|
|
Authoritarian |
The type of government that requires total obedience by its citizens |
Big brother |
|
|
Centrally planned economy |
Type of economy where the governmnet makes all decisions. |
|
|
|
Privatize |
To change from government where the government to private ownership ties |
|
|
|
Profit |
Financial gain from business transaction |
|
|
|
Communism |
Type of gov where there is no priavte property a d little political freedom |
|
|
|
Capitalism |
The system of having private ownership of the factors of production |
|
|
|
Specialization |
When ppl concentrate their efforts in the activities they do best |
|
|
|
Economic system |
The way in which a society uses its resources to satisfying its peoples unlimited wants |
|
|
|
Circular flow model |
A model that illustrates how interactions occur in a market |
|
|
|
market economy |
The type of economy driven by consumers and producers |
|
|
|
Priavate property rights |
The right to own business and resources |
|
|
|
Socialism |
The type of gov that owns some of the factors of production |
|
|
|
Command economy |
Type of ecomy that makes all choices on production |
|
|
|
Market |
The place or situation where people buy and sell goods and services |
|
|
|
Factor market |
The market for the factors of Production |
|
|
|
Competition |
The sellers' efforts to get business by offering the best desl |
|
|
|
Nationalize |
To change from private to government ownership |
|
|
|
Global economy |
Economic actions acrossnational boundaries |
|
|
|
Consumer sovereignty |
When buyers choose products and control what is produced |
|
|
|
Voluntary exchange |
When traders believe they get more than they give up |
|
