• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/16

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

16 Cards in this Set

  • Front
  • Back
a particular set of institutional arrangements and a coordinating mechanism-- to respond to the economizing problem
economic systems
-also known as socialism or communism
-in this system the gov't owns most property resources and economic decision making occurs through a central economic plan
command system
-polar alternative to the command system
-the system characterized by the private ownership of resources and the use of markets and prices to coordinate and direct economic activity
-capitalism
market system
"let it be"
-keep government from interfering
laissez-faire
-ensures that entrepreneurs and private businesses are free to obtain and use economic resources to produce their choice of goods and services and to sell them in their chosen markets
Freedom of enterprise
-enables owners to employ or dispose of their property and money as they see fit
-it allows workers to try to enter any line of work for which they are qualified
-it ensures that consumers are free to buy the goods and services that best satisfy their wants and that their budgets allow.
Freedom of choice
the motivating force of the various economic units as they express their free choices
self-interest
-two or more buyers and two or more sellers acting independently in a particular product or resource market
- freedom of sellers and buyers to enter or leave markets, on the basis of their economic self-interest
competition
an institution or mechanism that brings buyers and sellers into contact
market
using the resources of an individual, firm, region, or nation to produce one or a few goods or services rather than the entire range of goods and services
specialization
contributes to a society's output in several ways
-human specialization
division of labor
Specialization/division of labor:
1. Specialization makes use of differences in ability.
2. Specialization fosters learning by doing.
3. Specialization saves time.
Money is a:
medium of exchange
swapping goods for goods, say wheat for oranges is to:
barter
determination by consumers of the types of quantities of goods and services that will be produced with the scarce resources of the economy; consumers' direction of production through their dollar votes
consumer sovereignty
the "votes" that consumers and entrepreneurs cast for the production of consumer and capital goods, respectively, when they purchase those goods in product and resource markets
dollar votes