Econ CP Ch. 2 Vocab

Front

Market-based economy with limited government involvement.

Back

mixed economy

Front

Government controls all production and consumption decisions, typically by a central authority.

Back

command economy

Front

System where production and consumption are decided by the people with voluntary exchange.

Back

market economy

Front

System where habits, rituals, and customs determine production and distribution.

Back

traditional economy

Front

Method used by society to produce and distribute goods/services

Back

economic system

Front

Income received for supplying factors of production (land, labor, capital)

Back

factor payments

Front

Govt programs protecting against economic hardship

Back

safety net

Front

Economic prosperity level is called

Back

standard of living

Front

Economic Goals/Values: Maximizing production with available resources

Back

Economic Efficiency

Front

Economic Goals/Values: Government intervention in production and distribution?

Back

Economic Freedom