Econ Alive! Chapter 3 Vocabulary

the ability to make our own economic decisions without interference from the government.

• economic freedom

• economic stability

• economic equity

• economic growth

Which is NOT one of the 3 Basic Economic Questions?

• What will be produced

  
  

• How will it be produced

• How much does it cost

• For whom will it be produced

exists when all who want to work can find jobs

• economic growth

• economic security

• unemployment

• full employment

when an economy produces more and better goods

• capitalism

• economic growth

• economic planning

• economic stability

the goods and services that people count on are there when they want them

• economic stability

• economic freedom

• full employment

• economic security

the way a society coordinates the production and consumption of goods and services

• transfer payments

• public works

• free market

• economic system

custom and tradition dictates what to produce, how to produce it, and for whom

• traditional economy

• command economy

• market economy

• mixed economy

decisions about what, how and for whom to produce are made by a powerful or some authority

• traditional economy

• command economy

• market economy

• mixed economy

the workings of the market are not planned or directed. No one single person, business, or government agency tells producers or consumers what to do.

• traditional economy

• command economy

• market economy

• mixed economy

a diagram that shows the circular movement of money, resources and goods and services among households and producers in the economy

• 3 Basic Questions

• Production Possibilities Curve

• Circular Flow Model

• Aggregate Growth Model