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| the amount that is left over after all the costs have been met from the income of a business |
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| an economy in which the actions of the buyers and sellers of goods, services, and resources direct the economic system |
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| the increase over a period of time, usually a year, in a country’s or region’s output of goods and services |
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| an economy in which decisions about the allocations of resources are determined partly by the actions of individuals buying and selling in the market and partly by government |
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| an employment rate of 6 or 7 percent |
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| the use of economic resources in a way to produce goods and services at the minimum cost |
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| the right of individuals and corporations to own not only consumer goods, such as shoes and televisions but also goods used in production, such as factories and machines |
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| the pursuit of one’s own advantage; the major motivating force in the pure market economy |
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| a fair distribution of income through government interventions |
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| an economy in which government, or some other central controlling body, provides the answers to the three major questions |
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| a collection of services provided by the state or other institutions such as friendly societies, including welfare, unemployment benefit, universal healthcare, homeless shelters, and sometimes subsidized services such as public transport, which prevent individuals from falling into poverty beyond a certain level. |
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| the difference between the value of merchandise exports and the value of merchandise imports |
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| the dominant role of the consumer in a market economy determining what, how, and for whom to produce |
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| the ability for workers, for consumers, and for business people to make their own choices |
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| the existence within a market for some good or service of a sufficient number of buyers and sellers such that no single market participant has enough influence to determine the going price of the good or service. Opposite of a monopoly. |
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| an economy in which the custom or tradition of the society provides the answers to the three major questions |
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| in this economy what to produce is determined by what society has done in the past. |
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| In this economy how something is produces is based on the same way we have always done things. |
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Term
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| In this economy "the for whom" the goods and services should be produced is based on the same amount the person has always received |
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Definition
| In this economy the government decides what to produce. |
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Term
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Definition
| In this economy how to produce is determined by the government who decides who will work where and what machines and raw materials will be available to them. |
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Term
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Definition
| In this economy the "for whom to produce" is decided by the government who prescribes the pay and benefits of individuals. |
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Definition
| In this economy the dollar votes of consumers decide what is produced. |
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Definition
| In this economy the competition among producers will decided what is produced. |
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Term
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Definition
| in this economy the "for whom to produce" is decided by the consumer choices in the market. |
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Term
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Definition
| In this economy the goods and services are distributed primarily according to the ability and willingness of the buyers to pay |
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Term
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Definition
| In this economy the goods produced this year are the same as those produced in the past |
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Term
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Definition
| In this economy resources are distributed primarily by competitive bidding among producers. |
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Definition
| In this economy the use to which resources are put is determined by the goals set for society. |
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Definition
| In this economy signals are sent through chains of markets indicating the pattern of consumer choices. |
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Definition
| In this economy decisions about whether to produce more automobiles and refrigerators rather than more factories are made by a central authority. |
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Definition
| In this economy food is distributed to members of society according to the customs of the past. |
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Definition
| In this economy a significant number of goods and services are made available without cost to all citizens. |
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Definition
| In this economy the way the crops are planted are the way they have always been planted. |
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Definition
| In this economy ompetition among producers, stimulated by the desire for profits, motivates them to keep their costs as low as possible in order to attract consumers. |
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Definition
| In this economy the motivation for for increased productivity is the desire to reach output goals rather than to make the largest possible profit. |
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Definition
| In this economy the use to which resources are put is determined by the desire for profit. |
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Definition
| In this economy consumers have choices in the market, but their choices do not act as signals in determining what will be produced. |
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