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9 Cards in this Set
- Front
- Back
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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 |
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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 of 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 the command of the economy |
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mixed economy |
market based economic system with limited government involvement |
