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30 Cards in this Set
- Front
- Back
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economic system
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method used by society to produce g and s
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economic plan
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a gov't program specifying economic activities
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income distribution
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the way all the income in a country is divided
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factor payments
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the income people recieve for supplying fop
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interest
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those who lend money recieve these payments
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economic freedom
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all people face limitations on economic freedom
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economic efficiency
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products reach customers. knowing the best way to produce a product cuts waste
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economic security and predictability
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economic systems try to reassure people that g and s will be available when they need them
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safety net
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gov't programs that protect people experiencing bad economic conditions
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economic equity
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economic fairness in terms of resource distribution
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economic growth and innovation
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standard of living- level of economic sucess
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market economy
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all descions are made by the people, NOT the gov't
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aka as the free market or capitalism
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market economy
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market
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buyers and sellers exchange things because nobody is self-suffient
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factor market of market economy
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exchange that involves firms purchasing fop from households
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product market of market economy
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involves g and s that firms produce being purchased by hh
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profit
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fianacial gain made in a transistion
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self interest
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one's own personal gain
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socialism
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everything is shared and everyone is equal
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communism
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gov't owns or controls nearly all fop
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characteristics of command system
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collectives and heavy industry
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collectives
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large firms leased from the state to groups of peasant farmers
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heavy industry
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requires a large capital investment
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problems of command economies
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workers lack incentive, performance falls short of ideals, sacrifice individual freedoms in order to pursue society's goals
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US type
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mixed economy
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US name of economy
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free enterprise
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factor market of mixed economy
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gov't purchaces fop from hh
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product market of mixed
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gov't purchases g and s from firms
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transistion
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period of change in which an economy moves from a command towards a market system
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privatization
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to sell gov't owned firms to indiviuals
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