| Term | Definition |
|---|
| free enterprise | means people in their economic roles are free to make choices |
| private property | refers to the resources and products owned by individuals and businesses |
| public property | refers to the resources and products owned by the government |
| specialization | a process where businesses and people focus on producing one or a few parts of an entire product |
| price system | system that uses monetary prices as a message system to facilitate exchanges b/t buyers and sellers |
| market competition | competition among businesses |
| command economy | economy where the govt holds the most property rights |
| traditional economy | economy that relies on tradition or customs to make the what, how, and for who choices |
| mixed economy | economies that emphasize private ownership and voluntary exchange but they allow to the govt to play an important role in economic lives of its citizens |
| barter | exchange of goods and services without the use of money |
| money | anything generally accepted as payment for goods/services |
| full employment | all people in the labor force are able to find work |
| economic growth | increase in output of goods and services in US economy during a year |
| price stability | prices of goods, services, and resources do not fluctuate significantly in short periods of time |
| economic freedom | freedom of choice in employment |
| economic security | economic system where the basic needs of every person is met |
| economic equity | fairness and impartiality in economic system |
| efficiency | maximum output from the resources used to produce goods and services |
Combine with other sets
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