An economy in which production is based on customs and tradition.
An economy in which a central government authority makes all basic economic decisions and controls the factors of production.
An economy in which the government has little say in what, how, and for whom goods are produced and in which the factors of production are owned by individuals.
The free exchange of goods and services; also called the market place.
The impulse that encourages people to fulfill their needs and wants.
Something that encourages an action or effort. Expectation of rewards and fear of losses are both incentives.
An economy that combines elements of the traditional, market, and command economic models.
An economic system in which the government owns or controls nearly all factors of production; also known as communism.
Economic system in which the government owns or controls nearly all factors of production; also known as authoritarian socialism.
A market based economic system in which individuals own and control the factors of production.
An economic system in which some means of producing and distributing goods are owned or controlled by and elected government.
System in which private business operates with minimal government involvement.
Property that is owned by individuals and businesses, rather than the government.
Legally binding agreements, either oral or written, between individuals, such as to buy and sell goods and services.
In business, a state of rivalry among sellers of the same or similar products, in which each seller tries to gain a larger share of a market and to increase profits.
The unconditional and mutually beneficial transfer of products between producer and consumer.
The market in which producers offer - and consumers purchase - final goods and services.
The market in which households exchange resources with businesses and the government.
1) Money payments that households receive from business firms and the government in exchange for resources & 2 ) funds that a business takes in for supplying goods or services.
The lowest possible level of unemployment in an economy.
The condition that exists when overall price levels remain relatively constant over a period of time.
Standard of Living
People's economic well-being as determined by the quantity of goods and services they consume in a given time period.