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| the fairness with which an economy distributes its resources and wealth |
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| a society's way of coordinating the production and consumption of goods and services |
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| an economic system in which decisions about production and consumption are based on custom and tradition |
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| an economy in which decisions about production and consumption are made by a powerful ruler or government |
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| an economic system in which economic decisions are left up to individual producers and consumers |
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| income earned when an individual sells or rents a factor of production that he or she owns. wages are factor payments made to workers in exchange for their labor. |
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| an economic system in which both the government and individuals play important roles in production and consumption. most modern economies are mixed economies. |
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| an economic system in which the means of production are mostly privately owned and operated for profit |
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| the inablilty to make our own economic decisions without interference from the government |
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| exists when all who want to work can find jobs |
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| when an economy produces more and better goods and services that leads to an improved standard of living |
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| a society that seeks to provide for its less fortunate members by supporting them with food, shelter, and health care to live decently |
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| goods and services we can count on--they are available when we need them |
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| the workings of the market are not planned or directed--no one business or government agency, tells producers and consumers what to do. |
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| an illustration that shows interactions in the flow of money coming into and going out of the market |
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| a person or group of people living together |
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| an organization that uses factors to make and sell goods or services |
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| a market in which goods and services are sold by firms and purchased by households |
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| a market in which households sell their land, labor and capital to firms |
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| rapid growth of market economies beginning in the 1700's in Europe. |
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| individual investors in companies |
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| another term for free market economic system |
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| a political and economic philosophy that calls for property to be owned by society as a whole, rather than individuals, for the benefit of all. --Karl Marx and Friedrich Engels |
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| a plitical and economic system in which all property and wealth are owned by all members of a society--class differences disapppear--final phase of Marx/Engels plan. |
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| in a command economy, economists, production experts, and political officials attempt to perform the functions of a market. |
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| goods and services that markets do not always provide such as highways, water treatment, and sewer systems |
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| market economy that is free from government intervention |
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