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7 terms

Answering the Three Economic Questions

STUDY
PLAY
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