Answering the Three Economic Questions

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economic system

the structure of methods and principles that a society uses to produce and distribute goods and services

factor payment

the income people receive in return for supplying factors of production

profit

the amount of money a business receives in excess of its expenses

safety net

a set of government programs that protect people who face unfavorable economic conditions

standard of living

level of economic prosperity

innovation

the process of bringing new methods, products, or ideas into use

traditional economy

an economic system that relies on habit, custom, or ritual to decide the three key economic questions

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