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16 Cards in this Set
- Front
- Back
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the method used by society to produce and distribute goods and services
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economic system
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one's own personal gain
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self-interest
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the income people receive for supplying such things as land, labor, or capital
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factor payments
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a situation in which households purchase the goods and services that firms produce
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product market
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to sell a state-run firm to individuals
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privatize
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a large Soviet farm leased from the state to groups of peasant farmers
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collective
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the doctorine that goverment generally should not intervene in the marketplace
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laissez faire
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level of economic prosperity
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standard of living
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government programs that protect people experiencing unfavorable economic conditions
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safety net
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an economic system that permits the conduct of business with minimal government intervention
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free enterprise
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an expectation that encourages people to behave in a certain way
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incentive
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an econonmic system that relies on habit, custom, or ritual to decide questions of comsumption and production of goods and services
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traditional economy
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a philosophy based on the belied that democratics means should be used to distribute wealth evenly throughout a society
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socialism
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requiring stric tobedience to someone such as a dictator
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authoritarian
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a range with no clear divisions
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contiuum
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a period of change in an economy
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transtion
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