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Word Vocab Set 2
Set 2
22
Other
12th Grade
09/16/2013

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Cards

Term
Economic System
Definition
a nation’s plan for answering the three economic questions
Term
Command Economy
Definition
the resources are owned and controlled by the government…government officials decide how to answer the Three Economic Questions
Term
Communism
Definition
a form of a command economy where government controls most of the resources and decisions
Term
Market Economy
Definition
the resources are owned and controlled by the people of the country…individuals answer the Three Economic Questions
Term
Marketplace
Definition
anywhere that goods and services exchange hands
Term
Traditional Economy
Definition
goods and services are produced the way it has always been done…used in less developed nations
Term
Mixed Economy
Definition
combines elements of both the command and market economies…most nations fall into this category
Term
Capitalism
Definition
private ownership of resources by individuals or businesses rather than by the government…individual owners decide what to produce and individual consumers decide what to buy
Term
Private Property
Definition
you may own whatever you want as long as it does not break any laws
Term
Freedom of Choice
Definition
you may choose what to buy, what to sell, how to produce, etc. as long as it doesn’t break any laws
Term
Profit
Definition
is the money left over from sales after all of the costs of operating a business have been paid… it is at the heart of Free Enterprise
Term
Competition
Definition
rivalry among businesses to sell their goods and services
Term
Measurable Goals
Definition
Specific and containing a value
Term
Time bound Goal
Definition
Must be completed by or on a specific date
Term
Habit
Definition
A decision to do something always on on a regular schedule
Term
Impulse
Definition
A decision made with no prior planning
Term
Family
Definition
The factor that applies to financial decisions such as growing a garden to save money for future college funding.
Term
Economic
Definition
The factor that drives a decision in finances based on inflation, government control and other large scale actions.
Term
Moral
Definition
The factor that influences financial decisions based on a nations practices other societal norms.
Term
Cultural
Definition
The factor driving a decision involving religion and practices.
Term
Media
Definition
Markets like TV shopping, Online stores that often influence spending.
Term
Demography
Definition
Attributes of a human such as gender or race.
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