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Unit 2 Economics
Terms in this set (22)
the structure of methods and principles that a society uses to produce and distribute goods and services
gives people the ability to make economic decisions for themselves
the idea that each individual should receive the same for same skills
plans set up for unemployment problems solve worry over loss of jobs, sickness, or injury
most important person in the economy
Three economic questions
What to produce? How to produce? For whom to produce?
An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.
An economic system in which the government controls a country's economy.
Economic decisions are made by individuals or the open market.
An economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion.
the level of employment reached when there is unemployment
Government Regulatory Agencies
Agencies with established authority over healthcare activities; licensing agencies and rate-regulating commissions are examples
Property that has physical existence and can be distinguished by the senses of touch and sight.
knowledge, skills, talents
A general and progressive increase in prices
income that does not increase even when prices go up
An economic system based on private ownership of capital
the act of buyers and sellers freely and willingly engaging in market transactions
The financial gain made in a transaction
the force that encourages people and organizations to improve their material well-being
the power of consumers to decide what gets produced and what you buy
property owned by individuals or companies, not by the government or the people as a whole
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