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12 Cards in this Set

  • Front
  • Back
economic system
a particular set of institutional arrangements and a coordinating mechanism for producing goods and services
command system
an economic system in which most property resources are owned by the government and economic decisions are made by a central government body
market system
an economic system in which property and resources are privately owned, and markets and price are used to direct and coordinate economic activities.
private property
the right of private persons and firms to obtain, own, control, employ, dispose of, and bequeath land, capital, and other property.
freedom of enterprise
the freedom of firms to obtain economic resources, to use these resources to produce products of the firm's own choosing, and to sell their products in markets of their choice
freedom of choice
enables owners to employ or dispose of their property and money as they see fit.
self interest
that which each firm, property owner, worker, and consumer believes is best for itself
competition
buyers and sellers competing with one another.
specialization
the use of the resources of an individual, a firm, a region, or a nation to produce one or a few goods or services
division of labor
dividing the work required to produce a product into a number of different tasks that are performed by different workers
consumer sovereignty
determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy
dollar votes
the "votes" that consumer and entrepreneurs cast for the production of consumer and capital goods, respectively, when they purchase them in product and resource market