Econ Terms Ch 2

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Author:
kickenbugg
ID:
20342
Filename:
Econ Terms Ch 2
Updated:
2010-05-22 22:03:51
Tags:
Economic Terms
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Description:
Terms on the final exam for Ch 2
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  1. -economic system with a central authority that makes the major economic decisions-
    Command economy
  2. -fundamental feature of capitalism that allows individuals to own and control the possesions as they wish-
    Private Property Rights
  3. -federal program of disability and retirement benifits that cover most working people-
    Social Security
  4. -lowest legal wage that can be paid to most workers-
    minimum wage
  5. -economic system in which the allocation of scarce resources and economic activities are based on ritual, habit, and customs-
    traditional economy
  6. -rise in the general level of prices-
    inflation
  7. -economic system in which private citizens own and use the factors of production in order to generate profits-
    capitalism
  8. -the struggle among sellers to attract consumers-
    competition
  9. -economic and political system in which all factors of production are collectively owned and controlled by the state-
    Communism
  10. -Economic system in which supply, demand, and the price system help people make economic decisions and allocate resources-
    Market economy
  11. -economic system that has some combination of traditional, command, and market economies-
    mixed economy
  12. -capitalist economy in which competition is allowed to flourish with a minimum of government interference-
    free-enterprise
  13. -political and economic system in which the government owns and controls some factors of production-
    Socialism
  14. -meeting place or mechanism that allows buyers and sellers to come together-
    market
  15. -extent to which persons or organizations are better off financially at the end of a period than they are at the beginning-
    profit

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