Flashcards
Chapter #2 Vocab Econ
Cards in this deck (12)
- 1Traditional economyEconomic system in which the allocation of scarce resources, and other economic activity, is the result of ritual, habit, or custom
- 2Economic systemsOrganized way a society provides for the wants and needs for its people
- 3Command economyEconomic system characterized by a central authority that makes most of the major economic decisions
- 4MarketMeeting place or arrangement through which buyers and sellers interact to determine price and quantity of an economic product; may be local, regional, national, or global
- 5Market EconomyEconomic system in which supply, demand, and the price system help people allocate resources and make the WHAT, HOW, and FOR WHOM to produce decisions, same as free enterprise economy
- 6Mixed EconomiesEconomic system that has some combination of traditional, command, and market economies ; also see modified free enterprise economy
- 7CommunismEconomic and political system in which factors of production are collectively owned and directed by the state; a theoretically classless society in which everyone works for the common good
- 8GDP per capitaGross Domestic Product on a per person basis; can be expressed in current or constant dollars.
- 9VouchersCertificates that could be used to purchase government-owned property during privatization
- 10PrivatizationConversion of state-owned factories and other property to private ownership
- 11NationalizationShift of an economy, or part of an economy, from private ownership to government ownership
- 12Black MarketMarket in which goods and services are sold illegally
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- Flashcards on Chapter #2 Vocab Econ, created by Eryc Martinez on 24/02/2017.
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- Eryc Martinez
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