ch 19 Macroeconomics

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  1. Economic System
    The organizations and methods used to determine what goods and services are procuced, and for whom ther are produced.
  2. Traditioanl economy
    A system that answers the what, how and for whom questions the way they always have been answered
  3. Command economy
    A system that answers the what, how and for whom questions by central authority.
  4. Market economy
    An economic system that answers the what,who and for whom questions using prices determined by the interaction of the forces of supply and demand.
  5. Invisible hand
    A phrase that expresses the belief that the best interests of a society are served when individual consumers and producers compete to achieve their own private interest.
  6. Mixed economy
    An economic sytem that answers the what, how and for whom questions through a mixture of traditional, command, and market system.
  7. Capitalism
    An economic system characterized by private ownership of resorces and markets
  8. Consumer sovereignty
    The freedom of consmers to cast their dollar votes to buy, or not to buy, at prices determined in competitive markets.
  9. Socialims
    An economic system characterized by goverment ownership of resources and centralized decision making.
  10. Communism
    A stateless, classles economic system in which all the factors of productions are owend by the workers, and people share in production according to their needs. In Marx's view, this is the highest form of socialims toward which the revolution should strive.
  11. Privatization
    Is the process of turning a goverment enterprise into a private enterprise.
  12. Nationalization
    Is the act of transforming a private enterprise's assets into govermemt ownership.
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ch 19 Macroeconomics
2011-12-09 05:12:16
19 Economics Transition

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