Voluntary Exchange Flashcards

A new, useful process, machine, improvement, etc., that did not exist previously.

Economic systems that occur in less developed countries which rank religious and cultural values as more important than economics.

<p>An economy in which economic decisions are made by the government.</p> Signup and view all the answers

<p>An economy that relies chiefly on market forces to allocate goods and resources.</p> Signup and view all the answers

<p>An economic system that combines private and state enterprises.</p> Signup and view all the answers

<p>Goods and services that provide benefits to many people, but users may not be restricted from using them.</p> Signup and view all the answers

<p>Using the tax of well-off taxpayers to support those less well-off.</p> Signup and view all the answers

<p>Situations in which the market does not lead to a desired result.</p> Signup and view all the answers

<p>The ability of an individual to own and exercise control over scarce resources.</p> Signup and view all the answers

<p>The act of freeing from regulation, especially from governmental regulations.</p> Signup and view all the answers

<p>The ratio of the quantity and quality of units produced to the labor per unit of time.</p> Signup and view all the answers

<p>Any stimulating information or event.</p> Signup and view all the answers

<p>Production of a certain amount.</p> Signup and view all the answers

<p>The money paid to purchase buildings, tools, and machines to create goods and services.</p> Signup and view all the answers

<p>Buildings, machinery, tools, and other goods that provide productive services over a period of time.</p> Signup and view all the answers

<p>The skills and knowledge gained by a worker through education and experience.</p> Signup and view all the answers

<p>The result of investment, which causes increased productivity.</p> Signup and view all the answers

<p>The government gives a single firm the exclusive right to produce some good or service.</p> Signup and view all the answers

<p>Situations in which the market does not lead to a desired result.</p> Signup and view all the answers