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;
10 Cards in this Set
- Front
- Back
|
Economic system |
The method used by a society to produce and distribute goods and services |
|
|
Factor payments |
The income people receive for supplying factors of production, such as land, labor, or capital |
|
|
Patriotism |
The love of one's country; the passion that inspires a person to serve his or her country |
|
|
Safety net |
Government programs that protect people experiencing unfavorable economic conditions |
|
|
Standard of living |
Level of economic prosperity |
|
|
Traditional economy |
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption if goods and services |
|
|
Market economy |
Economic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets |
|
|
Centrally planned economy |
Economic system in which the central government makes all decisions on the production and consumption of goods and services |
|
|
Command economy |
Economic system in which a central authority is in command of the economy; a centrally planned economy |
|
|
Mixed economy |
Market-based economic system with limited government involvement |
