Economics Chapter 2

Economic System that combines features of Market Economy and Command Economy

• Capitalism

• Mixed Economy

• Socialism

• Traditional Economy

Economic System in which decisions are based on customs and beliefs

• mixed economy

• traditional economy

• command economy

• supply and demand

Desire to make money that motivates people to produce and sell goods and services

• profit incentive

• laissez-faire

• competition

• standard of living

Rivalry among producers to win business

• standard of living

• profit

• competition

• command economy

Economic system in which the government minimizes its interference in the economy

• economic equity

• profit

• standard of living

• laissez-faire

Money left over after all the costs of production have been paid

• profit

• command economy

• mixed economy

• market economy

Economic system in which economic decisions are made by individuals rather than the government

• command economy

• mixed economy

• democracy

• market economy

The material well-being of an individual, group, or nation

• shopping

• standard of living

• emotions

• mixed economy

Economic fairness and justness

• equality

• economic equity

• standard of living

• fair economy

Economic system in which economic decisions are made by the government

• command economy

• mixed economy

• demand economy

• competition