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16 Cards in this Set

  • Front
  • Back
Economic System
the method used by a society to distrubute goods and services.
Safety Net
goverment programs that protect people from experincing unfavorable economic condtions.
Standard of Living
level of econmic prosperity
Traditional Economy
Economic system that relies on habit, customs or rituals to decide questions of production and consumtion of goods and services.
Mixed Economy
is a combination of tradtional, market, and centrallt planned economies.
Centrally Planned Economies
Economic System in which the central goveremnt makes all the decisions on the production and consumption of goods and services.
Market Economy
in a market economy economic decisions are made by individuals and are based on exchange change.
the concentration of the productive efforts of idividuals and firms on a limited number of activites
is a social and political philosphy based on the belief that democratic means should be used to distrubute wealth evenlt throughout a society.
is characterized by a centrally planned economy with a all economic and political power resting in the hands of the cnetral goverment.
Lassiez Faire
a doctrine that states that goverment generally should not intervene in the maket place.
desire for goods and services.
The Law of Demand
Consumers buy mare of a good when its price decreases and less when its price increses.
The quantity of goods available at a given price.
Law of Supply
the tendency of suppliers to offer more of a good at a higher price.
Elaticity of Demand
a measure of how consumers react to a change in price.