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Definition
| the structure of methods and principles that a society uses to produce and distribute goods and services |
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| the income people receive in return for supplying factors of production |
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| the amount of money a business receives in excess of its expenses |
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| a set of government programs that protect people who face unfavorable economic conditions |
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| level of economic prosperity |
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Definition
| the process of bringing new methods, products, or ideas into use |
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| an economic system that relies on habit, custom, or ritual to decide the three key economic questions |
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Definition
| any arrangement that allows buyers and sellers to exchange things |
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Definition
| the concentration of the productive efforts of individuals and businesses on a limited number of activities |
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Definition
| an economic system in which decisions on the three key economic questions are based on voluntary exchange in markets |
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Definition
| a person or group of people living in a single residence |
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| an organization that uses resources to produce a product or service, which it then sells |
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Definition
| the arena of exchange in which firms purchase the factors of production from households |
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Definition
| the arena of exchange in which households purchase goods and services from firms |
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Definition
| an individual's own personal gain |
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| the hope of reward or fear of penalty that encourages a person to behave in a certain way |
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Definition
| the struggle among producers for the dollars of consumers |
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Definition
| a term coined by Adam Smith to describe the self-regulating nature of the marketplace |
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Definition
| the power of consumers to decide what gets produced |
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| centrally planned economy |
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Definition
| an economic system in which the government makes all decisions on the three key economic questions |
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Term
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Definition
| another name for a centrally planned economy |
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| a range of economic and political systems based on the belief that wealth should be distributed evenly throughout a society |
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| a political system in which the government owns and controls all resources and means of production and makes all economic decisions |
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| describes a form of government that limits individual freedoms and requires strict obedience from its citizens |
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| the doctrine that government generally should not intervene in the marketplace |
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Definition
| property that is owned by individualists or companies, not by the government or the people as a whole |
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Definition
| a market-based economic system which the government is involved to some extent |
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Definition
| a period of change in which a nation moves from one economic system to another |
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Definition
| the process of selling businesses or services operated by the government to individual investors, and then allowing them to compete in the marketplace |
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Definition
| an economic system characterized by private or corporate ownership of capital goods |
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