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10 Cards in this Set
- Front
- Back
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Economic system |
The method used by society to produce and distribute goods and services |
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Factor payments |
The income people receive for supplying factors of production-land, labor, capital, or entrepreneurship |
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Patriotism |
The love of one's country |
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Market economy |
Economic decisions are made by individuals and are based on exchange or trade |
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Command economy |
A central authority is in command of the economy |
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Safety net |
Set of 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 |
Relies on habit, customs, or rituals to decide what to produce, how to produce it, and to whom to distribute it |
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Centrally planned economy |
The central government alone decides how to answer all three keys economic questions |
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Mixed economy |
Market-based economic systems in which government plays a limited role |
