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16 Cards in this Set
- Front
- Back
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Economic Services |
The way a society answers 3 key questions (What goods/services should be produced? What are our supply and demand for these things? Who will buy them?) |
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Product - Revenue |
Expenses = Profit |
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Safety Net |
Government programs for the poor. |
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Poverty Threshold |
Below what's needed to survive. |
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Relative Deprivation |
"Poor" based on your surroundings. |
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Standard of Living |
Level of economic prosperity. |
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Traditional Economy |
Simple bartering/communal trading & generation upkeep. |
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Free Market Economy |
All of the economic decisions are made through voluntary exchange. (Supply/Demand) |
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Factor Market |
Place where businesses purchase the factors of production. |
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Product Market |
Place where consumers buy goods & services. |
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Incentive |
Hope of reward, Fear of punishment. |
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Invisible Hand |
Unseen forces regulating market place (Supply/Demand). |
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Consumer Sovereignty |
Customers choose what gets produced. |
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Centrally Planned Economy (Command Economy) |
Economic system where government makes all economic decisions. |
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Socialism |
Believes in re-distributing wealth with re-distribution being even. (Not practiced in proper way in any country today). |
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Communism |
The government owns goods, services and the factors of production. |
