EPF Ch 6 Vocab Pt1

Front

Structure of methods and principles for producing and distributing goods and services

Back

economic system

Front

Income received for supplying production factors

Back

Factor payment

Front

Amount of money a business receives beyond expenses

Back

profit

Front

Government programs protecting those in economic distress

Back

safety net

Front

Level of economic prosperity

Back

Standard of living

Front

Process of introducing new methods, products, or ideas

Back

innovation

Front

Economic system based on habit, custom, or ritual.

Back

traditional economy

Front

Arrangement for buyers and sellers to exchange goods.

Back

market

Front

Concentration of productive efforts on limited activities

Back

specialization

Front

Economic system where decisions on key questions are based on voluntary market exchange.

Back

free market economy