Economics

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Economic System

Back 1

the method used by a society to distrubute goods and services.

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Safety Net

Back 2

goverment programs that protect people from experincing unfavorable economic condtions.

Front 3

Standard of Living

Back 3

level of econmic prosperity

Front 4

Traditional Economy

Back 4

Economic system that relies on habit, customs or rituals to decide questions of production and consumtion of goods and services.

Front 5

Mixed Economy

Back 5

is a combination of tradtional, market, and centrallt planned economies.

Front 6

Centrally Planned Economies

Back 6

Economic System in which the central goveremnt makes all the decisions on the production and consumption of goods and services.

Front 7

Market Economy

Back 7

in a market economy economic decisions are made by individuals and are based on exchange change.

Front 8

Specialization

Back 8

the concentration of the productive efforts of idividuals and firms on a limited number of activites

Front 9

Socialism

Back 9

is a social and political philosphy based on the belief that democratic means should be used to distrubute wealth evenlt throughout a society.

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Communism

Back 10

is characterized by a centrally planned economy with a all economic and political power resting in the hands of the cnetral goverment.

Front 11

Lassiez Faire

Back 11

a doctrine that states that goverment generally should not intervene in the maket place.

Front 12

Demand

Back 12

desire for goods and services.

Front 13

The Law of Demand

Back 13

Consumers buy mare of a good when its price decreases and less when its price increses.

Front 14

Supply

Back 14

The quantity of goods available at a given price.

Front 15

Law of Supply

Back 15

the tendency of suppliers to offer more of a good at a higher price.

Front 16

Elaticity of Demand

Back 16

a measure of how consumers react to a change in price.