Economics Chapter 2 Flashcards

An economic system that relies on habit, custom, or ritual to decide questions of production and consumption.

A central authority makes major decisions about production and consumption.

<p>An economic system where supply, demand, and price guide economic decisions.</p> Signup and view all the answers

<p>A meeting place of buyers and sellers.</p> Signup and view all the answers

<p>An economic system where private citizens own and use factors of production to obtain profits.</p> Signup and view all the answers

<p>An economic system that combines traditional, command, and market economies.</p> Signup and view all the answers

<p>An economic and political system where the government owns and controls factors of production.</p> Signup and view all the answers

<p>An economic and political system where factors of production are controlled by the state and collectively owned.</p> Signup and view all the answers

<p>The lowest wage that workers can be paid.</p> Signup and view all the answers

<p>A federal program that benefits retired and disabled Americans, paid for by the working class.</p> Signup and view all the answers

<p>A rise in the general price of goods.</p> Signup and view all the answers

<p>Income that doesn't go up even if prices do.</p> Signup and view all the answers

<p>An economy in which competition is allowed to flourish with little government intervention.</p> Signup and view all the answers

<p>Buyers and sellers freely engaging in market activities.</p> Signup and view all the answers

<p>Rights that allow individuals to own and control their possessions as they see fit.</p> Signup and view all the answers

<p>When a person or organization is better off at the end of a period than at the beginning in financial terms.</p> Signup and view all the answers

<p>An incentive that makes people improve their well-being and financial status.</p> Signup and view all the answers

<p>The struggle among sellers to attract buyers.</p> Signup and view all the answers

<p>The power of consumers to decide what gets produced.</p> Signup and view all the answers

<p>An economy where people freely carry on economic affairs but must deal with some governmental regulations.</p> Signup and view all the answers