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9 Cards in this Set
- Front
- Back
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Economic System
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The method used by a society to produce goods and services.
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Factor Payments
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the income people recieve for supplying factors of production. (LLC.)
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Patriotisim
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The love of one's country, the passion a person inspires to serve their country.
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Safteynet
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Governemnnt Programs that protect people experencing unfavorable economic conditions.
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Standard of Living
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level of economic prosperity
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Traditional Economy
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Economic System that relies on habit. custom, ritual, to decide questions of production and consuption of goods and services. They are based on vouluntary exchange in Markets.
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Centrally Planned Economy
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Economic system in which central Government makes all decisions on the production and consumption of goods and services.
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Comand Economy
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Ecopnomic system in which central authority is in command of the economy; a central planned economy.
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Mixed Economy
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A market based economic system with limited governemnt involvements.
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