Economics - Unit 2 Vocab

Front

Economic system where decisions are made by a central authority

Back

command economy

Front

Economic system where economic activity arises from customs and rituals.

Back

traditional economy

Front

Organized way to meet society's wants and needs

Back

economic system

Front

Economic system where decisions are made by individuals and firms acting in their own interests.

Back

market economy

Front

Small government interference

Back

market economy advantage

Front

Economic goal based on wise resource use

Back

Economic efficiency

Front

Economic goal to prevent inflation

Back

Price stability

Front

Federal program for disability and retirement benefits

Back

Social Security

Front

Income that remains unchanged despite rising prices

Back

fixed income

Front

Economic goal based on people's desire for decision-making.

Back

Economic freedom