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10 Cards in this Set
- Front
- Back
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factor payments
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the income people recieve for supplying factors of production-land, labor , capital or entrepreneurship
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patriotism
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the love of ones country
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safety net
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government programs that protect people experiencing unfavorable economic condtions.
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standard living
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level of economic prosperity
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market economy
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economic decisions are made by individuals and are based on exchange, or trade.
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centrally planned economy
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the central government alone decides how to answer all three key economic questions
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command economies
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because a central authority is in command of the economy
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mixed economies
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market-based economic systems in which government plays a limited role
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market
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an arrangement that allows buyers and sellers to exchange things
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specilization
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the concentration of the productive efforts of individuals and firms on a limited number of activies
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