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economic system
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way in which a nation uses its resources to satisfy its people's needs and wants
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economic system
way in which a nation uses its resources to satisfy its people's needs and wants
traditional economy
system in which economic decisions are based on customs and beliefs that have been handed down from generation to generation
command economy
system in which the government controls the factors of production and makes all decisions about their use
market economy
system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families interests
market
freely chosen activity between buyers and sellers of goods and services
circular flow of economic activity
economic model that pictures income as flowing continuously between businesses and consumers
mixed economy
system combining characteristics of more than one type of economy
capitalism
economic system in which private individuals own the factors of production
laissez-faire
economic system in which the government minimizes its interference with the economy
free enterprise system
economic system in which individuals own the factors of production and decide how to use them within legal limits; same as capitalism, but with laws
profit
money left over after all the costs of production- wages, rents, interest, material cost, advertisments, utility bills, packaging, transportation, insurance, health benefits, taxes- have been paid
profit incentive
desire to make money that motivates people to produce and sell goods and services
private property
whatever is owned by individuals rather than by government
competition
rivalry among producers or sellers of similar goods and services to win more business
economic efficiency
wise use of available resources so that costs don't exceed benefits; having to determine if the cost is worth the benefits
economic equity
the attempt to balance an economic policy so that everyone benefits fairly
standard of living
the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
economic growth
expansion of the economy to produce more goods, jobs, and wealth
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