Unit One Lesson Three Economics

Front

the fairness with which an economy distributes its resources and wealth

Back

Economic equity

Front

a society’s way of coordinating the production and consumption of goods and services

Back

Economic System

Front

an economic system in which decisions about production and consumption are based on custom and tradition

Back

Traditional Economy

Front

an economic system in which decisions about production and consumption are made by a powerful ruler or government

Back

Command economy

Front

an economic system in which economic decisions are left up to individual producers and consumers

Back

Market economy

Front

income earned when an individual sells or rents a factor of production that he or she owns

Back

Factor payment

Front

an economic system in which both the government and individuals play important roles in production and consumption

Back

Mixed economy

Front

an economic system in which the means of production are mostly privately owned and operated for profit

Back

Free enterprise system

Front

Which is not one of the three basic economic questions? For whom will it be produced, What will be produced, How will it be produced, Why will it be produced

Back

Why will it be produced

Front

Which is not one of the seven economic goals of a society: Economic security, Economic losses, Economic growth, Economic freedom?

Back

Economic losses