Econ Unit 2

This drives individuals and businesses to make decisions that improve their Material well being.

• Profit Motive

• welfare

• GDP

• Traditional Economy

The concentration of the productive efforts of individuals on a limited number of activities.

• Specialization

• Market Failure

• Eminent Domain

• Business cycle

Alternating pattern of periodic expansion and contraction

• Specialization

• Interst Group

• Business Cycle

• Welfare

Government aid to individuals with lower incomes

• Market Failure

• Welfare

• Business Cycle

• Specialization

Answers the three basic economic questions

• Specialization

• Interest Group

• Welfare

• Free Market Economy

This relies on habit, custom or ritual

• Traditional Economy

• Zen Economy

• Supply Side Economics

• Voodoo Economics

A situation in which the free market operating on its own does not distribute resources efficiently

• Failure of Lunch

• Backside Fakie

• Market Failure

• Failure to launch

The right of a government to take private property for public use

• Finders keepers

• Eminent Domain

• 9/10ths law

• Traditional Economy

The Total value of all goods and services produced in a country in a given year

• Business Cycle Management

• Mangers Discretion

• Total of Payments

• Gross Domestic Product

Private organization that tries to persuade public officials

• Big Pharma

• Interest Group

• RJ Reynolds

• Lobbyist