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12 Cards in this Set
- Front
- Back
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the way in which a society decides what goods to produce, how to produce them, and for whom goods will be produced
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economic system
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an economic system in which individuals (not government) own most if not all the resources and control their use. government plays only a small part in the economy
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free enterprise
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an economic system in which government controls and may own many of the resources
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socialism
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a government program specifying economic activities, such as what goods are to be produced and what prices will be charged
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economic plan
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the way all the income earned in a country is divided among different groups of income earners
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income distribution
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an economy that is neither purely capitalist not purely socialist; an economy that has some elements of both capitalism and socialism. most countries in the world have these
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mixed economies
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an economic system in which the answers to the 3 economic questions are based on customs, traditions, and cultural beliefs
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traditional economy
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a sense of how the world works
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vision
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the belief that all value in produced goods is derived from labor
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labor theory of value
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the difference between the total value of production and the subsistence wages paid to workers
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surplus value
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a phenomenon by which economic agents in any given part of the world are affected by events elsewhere in teh world; the growing integration of the national economies of the world to the degree that we may be witnessing the emergence and operation of a single world-wide economy
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globalization
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the term used to describe work done for a company by persons other than the original company's employees in a country other than the one in which the company is located
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offshoring
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