EPF Ch 6 Vocab Pt2

Front

An individual's personal gain

Back

self-interest

Front

Hope of reward or fear of penalty that drives behavior

Back

incentive

Front

Struggle among producers for consumer dollars

Back

competition

Front

Term by Adam Smith for the self-regulating marketplace

Back

invisible hand

Front

Powers of consumers to decide production

Back

consumer sovereignty

Front

Economic system where the government decides on key economic questions.

Back

Centrally planned economy.

Front

Another name for a centrally planned economy

Back

Command economy

Front

Economic and political systems advocating even wealth distribution.

Back

socialism

Front

Political system where the government controls all resources and production.

Back

Communism

Front

Form of government limiting freedoms and requiring obedience

Back

authoritarian