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18 Cards in this Set
- Front
- Back
Define Free Enterprise:
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that people in their economic roles are free to make choices
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Define Private Property:
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the resources and products owned by individuals or buisnesses
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Define Public Property:
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the resources and products owned by the government
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Define Specialization:
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a process in which buisnesses and people focus od producing one or a few parts of an entire product
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Define Price System:
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a system that uses monetary prices as a message system to facilitate exchanges between buyers and sellers
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Define Market Competition
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competition that takes place amoung buisnesses
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Define Command Economy:
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is when the government holds most property rights
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Define Traditonal Economy:
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people in traditional economies rely on traditions or costoms to make the what, how,and for whom choices
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Define Mixed Economy:
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an economic system that blends voluntary exchange, government commands, and traditional elements of economic choice - making
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Define Money:
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anything that is generally accepted as payment for goods or services
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Define Barter:
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an exchange of goods and services without using money
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Define Full Employment:
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means that almost all people in the labor force are able to find work
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Define Economic Growth:
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means an increase in output of goods and services in the U.S economy during a year
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Define Price Stabilty:
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means that prices of goods, services, and resources do not fluctuate significantly, either up or down, in short periods of time
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Define Economic Freedom:
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means freedom of choice in employment, buying, selling, use of our time, and other decisions related to our economy
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Define Economic Security:
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means that the basic needs of every person should be met
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Define Economic Equity:
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means fairness and impartiality
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Define Efficiency:
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means getting the maximum output from the resources used to produce goods and services
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