Ja Econmics: Chapter 2 Vocabulary

Front 1

Define Free Enterprise:

Back 1

that people in their economic roles are free to make choices

Front 2

Define Private Property:

Back 2

the resources and products owned by individuals or buisnesses

Front 3

Define Public Property:

Back 3

the resources and products owned by the government

Front 4

Define Specialization:

Back 4

a process in which buisnesses and people focus od producing one or a few parts of an entire product

Front 5

Define Price System:

Back 5

a system that uses monetary prices as a message system to facilitate exchanges between buyers and sellers

Front 6

Define Market Competition

Back 6

competition that takes place amoung buisnesses

Front 7

Define Command Economy:

Back 7

is when the government holds most property rights

Front 8

Define Traditonal Economy:

Back 8

people in traditional economies rely on traditions or costoms to make the what, how,and for whom choices

Front 9

Define Mixed Economy:

Back 9

an economic system that blends voluntary exchange, government commands, and traditional elements of economic choice - making

Front 10

Define Money:

Back 10

anything that is generally accepted as payment for goods or services

Front 11

Define Barter:

Back 11

an exchange of goods and services without using money

Front 12

Define Full Employment:

Back 12

means that almost all people in the labor force are able to find work

Front 13

Define Economic Growth:

Back 13

means an increase in output of goods and services in the U.S economy during a year

Front 14

Define Price Stabilty:

Back 14

means that prices of goods, services, and resources do not fluctuate significantly, either up or down, in short periods of time

Front 15

Define Economic Freedom:

Back 15

means freedom of choice in employment, buying, selling, use of our time, and other decisions related to our economy

Front 16

Define Economic Security:

Back 16

means that the basic needs of every person should be met

Front 17

Define Economic Equity:

Back 17

means fairness and impartiality

Front 18

Define Efficiency:

Back 18

means getting the maximum output from the resources used to produce goods and services