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Study sets matching "economic systems chapter 3"

34 terms
Economic Systems Chapter 3 Vocabulary
Economic Equity
Economic System
Traditional Economy
Command Economy
The fairness with which an economy distributes its resources…
A society's way of coordinating the production and consumptio…
An economic system in which decisions about production and co…
An economic system in which decisions about production and co…
Economic Equity
The fairness with which an economy distributes its resources…
Economic System
A society's way of coordinating the production and consumptio…
35 terms
Economic Systems Chapter 3 Vocabulary
Economic Equity
Economic System
Traditional Economy
Command Economy
The fairness with which an economy distributes its resources…
A society's way of coordinating the production and consumptio…
An economic system in which decisions about production and co…
An economic system in which decisions about production and co…
Economic Equity
The fairness with which an economy distributes its resources…
Economic System
A society's way of coordinating the production and consumptio…
21 terms
Chapter 3 - Economic Systems
Six Economic Goals
Are the economic goals the same for ev…
3 basic economic questions
Traditional Economy
1.) Equity... 2.) Security... 3.)Stability... 4.)Growth... 5.)Efficiency…
No, they are based on the needs and perspectives of a person…
1.) What goods/services should be produced?... 2.) How will the…
Customs and traditions are important it is about what has alw…
Six Economic Goals
1.) Equity... 2.) Security... 3.)Stability... 4.)Growth... 5.)Efficiency…
Are the economic goals the same for ev…
No, they are based on the needs and perspectives of a person…
26 terms
Econ Alive Chapter 3 Economic Systems
economic freedom
full employment
Economic equity
economic security
the ability of people to make their own economic decisions wi…
a condition in which everyone who wants to work can find a job
the fairness with which an economy distributes its resources…
the idea that the less fortunate members of society should ge…
economic freedom
the ability of people to make their own economic decisions wi…
full employment
a condition in which everyone who wants to work can find a job
7 terms
Economics: Chapter 3: Economic Systems
Equity, Freedom, Efficiency, Growth, S…
Protection, Regulation, Public Benefits
Rich exploited the poor
Households pay for goods and services…
Describe the 6 economic goals
Describe the three roles of government
Why did capitalism rise the philosophies of socialism and com…
Difference between Household and firms?
Equity, Freedom, Efficiency, Growth, S…
Describe the 6 economic goals
Protection, Regulation, Public Benefits
Describe the three roles of government
20 terms
Chapter 3: Economic Systems
economic equity
economic system
traditional economy
command economy
fairness with which an economy distributes its resources and…
society's way of coordinating the production and consumption…
economic system in which decisions about production and consu…
economic system in which decisions about production and consu…
economic equity
fairness with which an economy distributes its resources and…
economic system
society's way of coordinating the production and consumption…
8 terms
Chapter 3: Economic Systems
Allocative Efficiency
Capitalism
Circular Flow Diagram
Command Economy
when resources are deployed to produce just the right amount…
an economic system where supply and demand determine prices
diagram that shows how households and firms are related by th…
economy in which the central government dictates what will or…
Allocative Efficiency
when resources are deployed to produce just the right amount…
Capitalism
an economic system where supply and demand determine prices
21 terms
Chapter 3 - Economic Systems
Six Economic Goals
Are the economic goals the same for ev…
3 basic economic questions
Traditional Economy
1.) Equity... 2.) Security... 3.)Stability... 4.)Growth... 5.)Efficiency…
No, they are based on the needs and perspectives of a person…
1.) What goods/services should be produced?... 2.) How will the…
Customs and traditions are important it is about what has alw…
Six Economic Goals
1.) Equity... 2.) Security... 3.)Stability... 4.)Growth... 5.)Efficiency…
Are the economic goals the same for ev…
No, they are based on the needs and perspectives of a person…
9 terms
Chapter 3.3: Economic Systems
Free Market Economy
Capitalism
Communism
Mixed Economy
Producers compete freely for consumers' business... Ex: Capitalism
Economic system in which private individuals own most busines…
Economic system is which the central government owns farms, f…
Economic system that has mixed ownership, private and governm…
Free Market Economy
Producers compete freely for consumers' business... Ex: Capitalism
Capitalism
Economic system in which private individuals own most busines…
8 terms
Chapter 3: Economic Systems
Allocative Efficiency
Capitalism
Circular Flow Diagram
Command Economy
when resources are deployed to produce just the right amount…
an economic system where supply and demand determine prices
diagram that shows how households and firms are related by th…
economy in which the central government dictates what will or…
Allocative Efficiency
when resources are deployed to produce just the right amount…
Capitalism
an economic system where supply and demand determine prices
23 terms
Chapter 3 Economic Systems
Adaptation
Economy
Foraging
Horticulture
The process by which organisms develop physiological or behav…
...
Obtaining food available in nature through gathering, hunting…
A mode of livelihood based on growing domesticated crops in g…
Adaptation
The process by which organisms develop physiological or behav…
Economy
...
8 terms
Chapter 3- Economics Systems
Allocative Efficiency
capitalism
Circular Flow Diagram
Command Economy
when resources are deployed to produce just the right amount…
an economic system where supply and demand determine prices
diagram that shows how households and firms are related by th…
economy in which the central government dictates what will be…
Allocative Efficiency
when resources are deployed to produce just the right amount…
capitalism
an economic system where supply and demand determine prices
26 terms
Chapter 3- Economic Systems
What are the three basic economic ques…
What are the four methods of allocatio…
What are the six main economic goals?
Goals of a traditional economy?
-What goods and services are to be produced... -How the goods an…
- the ability to pay... - first come, first served... - by need... - e…
-economic freedom... -economic equity... -economic growth... -economic…
security and stability
What are the three basic economic ques…
-What goods and services are to be produced... -How the goods an…
What are the four methods of allocatio…
- the ability to pay... - first come, first served... - by need... - e…
8 terms
Econ Alive! Chapter 3 (Economic Systems)
economic equity
economic system
traditional economy
command economy
the attempt to balance an economic policy so that everyone be…
the system of production and distribution and consumption
An economy in which production is based on customs and tradit…
An economic system in which the government controls a country…
economic equity
the attempt to balance an economic policy so that everyone be…
economic system
the system of production and distribution and consumption
8 terms
Economic Systems and Scarcity - Marketing - Chapter 3
economic systems
resources
four types of economic resources
land
the organized way a nation provides for the needs and wants o…
all the things used in producing goods and services
land, labor, capital, entrepreneurship
everything contained in the Earth of found in its seas
economic systems
the organized way a nation provides for the needs and wants o…
resources
all the things used in producing goods and services
18 terms
Economics Chapter 3: The American Free Enterprise System
free enterprise system
open opportunity
legal equality
free contract
n. another name for capitalism, an economic system based on p…
n. the ability of everyone to enter and compete in the market…
n. a situation in which everyone has the same economic rights…
n. a situation in which people decide for themselves which le…
free enterprise system
n. another name for capitalism, an economic system based on p…
open opportunity
n. the ability of everyone to enter and compete in the market…
18 terms
chapter 3 economic systems & decision
traditional economy
mixed economy
capitalism
fixed income
system in which traditions, customs, and beliefs shape the go…
an economic system combining private and public enterprise.
an economic and political system in which a country's trade a…
an income from a pension or investment that is set at a parti…
traditional economy
system in which traditions, customs, and beliefs shape the go…
mixed economy
an economic system combining private and public enterprise.
15 terms
Chapter 3: Economic and Political Systems
Economy
Necessary parts of an economy include:…
consumers
four types of industries are: primary
the ways that goods and services are produced and made availa…
a person who makes products that are used by other people
a person who buys goods and services
produce the raw materials (farmers, fisherman, miners)
Economy
the ways that goods and services are produced and made availa…
Necessary parts of an economy include:…
a person who makes products that are used by other people
19 terms
Econ Alive Chapter 3 Economic Systems
economic freedom
full employment
Economic equity
economic security
the ability of people to make their own economic decisions wi…
a condition in which everyone who wants to work can find a job
the fairness with which an economy distributes its resources…
the idea that the less fortunate members of society should ge…
economic freedom
the ability of people to make their own economic decisions wi…
full employment
a condition in which everyone who wants to work can find a job
8 terms
Geography chapter 3 - political and economic systems - study guide
What is a nation's freedom from outsid…
What is a federation?
What is a confederation?
How many counties are there in the wor…
Sovereignty
A country where the people choose their leaders and have the…
An economic or money system that gives freedom to people
Almost 200
What is a nation's freedom from outsid…
Sovereignty
What is a federation?
A country where the people choose their leaders and have the…
10 terms
Economics - Chapter 3
Public Disclosure Laws
Poverty Threshold
Cash Transfer
TANF
laws requiring companies to provide full information about th…
Income level below that which is needed to support families o…
Direct payments of money by the government to poor, disabled,…
Temporary Assistance for Needy Families
Public Disclosure Laws
laws requiring companies to provide full information about th…
Poverty Threshold
Income level below that which is needed to support families o…
32 terms
Economics Chapter 3: The American Free Enterprise System
Profit Motive
Open Opportunity
Legal Equality
Private Property Rights
the incentive that drives individuals and business owners to…
the principle that anyone can compete in the marketplace
the principle that everyone has the same legal rights
the principle that people have the right to control their pos…
Profit Motive
the incentive that drives individuals and business owners to…
Open Opportunity
the principle that anyone can compete in the marketplace
21 terms
Economics Chapter 3 & 4: Economic Systems + Gains from Trade
Fundamental Economic Questions
Economic Freedom
Economic Efficiency
Economic Equity
1. What goods and services are to be produced?... 2. How are goo…
The ability to make our own economic desiosions without inter…
An efficient economy is one in which the greatest number of c…
When wealth is fairly and justly distributed within society.…
Fundamental Economic Questions
1. What goods and services are to be produced?... 2. How are goo…
Economic Freedom
The ability to make our own economic desiosions without inter…
37 terms
Anthro Chapter 3: Economic Systems
Economic System
Mode of Livelihood
Mode of Consumption
Mode of Exchange
-Livelihood... -Consumption... -Exchange
The dominant way of making a living in a culture.... -5 major mo…
The dominant pattern of using things up or spending resources…
The dominant pattern of transferring goods, services, and oth…
Economic System
-Livelihood... -Consumption... -Exchange
Mode of Livelihood
The dominant way of making a living in a culture.... -5 major mo…
28 terms
Economics/Chapter 3 Terms
capitalists
circular flow model
contract
economic planning
an individual investor who accumulates capital; such as machi…
a diagram that shows the circular movement of money, resource…
an agreement between a buyer and a seller.
the process by which economic decisions are made or influence…
capitalists
an individual investor who accumulates capital; such as machi…
circular flow model
a diagram that shows the circular movement of money, resource…
32 terms
Economics Chapter 3
Profit Motive
Open Opportunity
Legal Equality
Private Property Rights
incentive that drives individuals and business owners to impr…
principle that anyone can compete in the marketplace
principle that everyone has the same legal rights
principle that people have the right to control their possess…
Profit Motive
incentive that drives individuals and business owners to impr…
Open Opportunity
principle that anyone can compete in the marketplace
Computer Systems in Business and Economics Chapter 3
Pie
Bar
Area
Column Chart Type
What chart uses one data series to display each value as a pe…
What chart displays comparisons among individual items or val…
What chart displays the magnitude of change over time and sho…
What chart illustrates data changes over a period of time or…
Pie
What chart uses one data series to display each value as a pe…
Bar
What chart displays comparisons among individual items or val…
10 terms
Economics - Chapter 3
Public Disclosure Laws
Poverty Threshold
Cash Transfer
TANF
laws requiring companies to provide full information about th…
Income level below that which is needed to support families o…
Direct payments of money by the government to poor, disabled,…
Temporary Assistance for Needy Families
Public Disclosure Laws
laws requiring companies to provide full information about th…
Poverty Threshold
Income level below that which is needed to support families o…
8 terms
Barron's Chapter 3: Economic Systems
allocative efficiency
capitalism
circular flow diagram
command economy
when resources are deployed to produce just the right amount…
an economic system where supply and demand determine prices
diagram that shows how households and firms are related by th…
economy in which the central government dictates what will or…
allocative efficiency
when resources are deployed to produce just the right amount…
capitalism
an economic system where supply and demand determine prices
26 terms
Econ Alive Chapter 3 Economic Systems
economic freedom
full employment
Economic equity
economic security
the ability of people to make their own economic decisions wi…
a condition in which everyone who wants to work can find a job
the fairness with which an economy distributes its resources…
the idea that the less fortunate members of society should ge…
economic freedom
the ability of people to make their own economic decisions wi…
full employment
a condition in which everyone who wants to work can find a job
10 terms
Chapter 3 vocab economic and political systems
Consumers
Capitalism
Developed nation
Developing nations
a person that buys and uses goods and services.
An economic system in which private individuals or groups of…
Nations with many industries and advanced technology
Nations with few industries and advanced technology
Consumers
a person that buys and uses goods and services.
Capitalism
An economic system in which private individuals or groups of…
18 terms
Economics- Chapter 3
free enterprise system
open opportunity
legal equality
free contract
another name for capitalism, an economic system based on priv…
the ability of everyone to take part in the market by free ch…
a situation in which everyone has the same economic rights un…
a situation in which people decide which legal agreements to…
free enterprise system
another name for capitalism, an economic system based on priv…
open opportunity
the ability of everyone to take part in the market by free ch…
29 terms
Chapter 2: Economic Systems
economic system
factor payment
profit
safety net
the structure of methods and principles that a society uses t…
the income people receive in return for supplying factors of…
A financial gain, esp. the difference between the amount earn…
government programs that protect people experiencing unfavora…
economic system
the structure of methods and principles that a society uses t…
factor payment
the income people receive in return for supplying factors of…
18 terms
Economics: Chapter 3: The American Free Enterprise System
free enterprise system
open opportunity
legal equality
free contract
is another name for capitalism, an economic system based on p…
Open opportunity is the ability of everyone to take part in t…
is a situation in which everyone has the same economic rights…
is a situation in which people decide which legal agreements…
free enterprise system
is another name for capitalism, an economic system based on p…
open opportunity
Open opportunity is the ability of everyone to take part in t…
22 terms
Chapter 3 Market-Centered Economic Systems
static efficiency
dynamic efficiency
technical efficiency
economic efficiency
all points on PPF are potentially efficient in static sense... d…
reflects outward shift of the entire PPF due to improved tech…
efficiency in production where maximum output is produced fro…
resources are being devoted to the production of goods and se…
static efficiency
all points on PPF are potentially efficient in static sense... d…
dynamic efficiency
reflects outward shift of the entire PPF due to improved tech…
32 terms
Economics Chapter 3 Vocabulary
private property rights
public interest
eminent domain
interest group
the principle that people have the right to control their pos…
the concerns of society as a whole
the right of a government to take private property for public…
a private organization that tries to persuade public official…
private property rights
the principle that people have the right to control their pos…
public interest
the concerns of society as a whole
38 terms
Chapter 2: Economic Systems
economic system
factor payment
profit
safety net
the structure of methods and principles that a society uses t…
the income people receive in return for supplying factors of…
A financial gain, esp. the difference between the amount earn…
government programs that protect people experiencing unfavora…
economic system
the structure of methods and principles that a society uses t…
factor payment
the income people receive in return for supplying factors of…
22 terms
Chapter 2: Economic Systems
tradition
traditional economy
rural areas
Command economy
something passed down from one group to another
it does things as they are done in the past; custom and tradi…
places away from the city
is an economy which government leaders give the answers to th…
tradition
something passed down from one group to another
traditional economy
it does things as they are done in the past; custom and tradi…
15 terms
Economic systems Chapter 2
economic system(market)
profit
standard of living
traditional economy
the methods and principles that a society uses to produce and…
the amount of money a business receives in excess of its expe…
level of economic prosperity (how much it costs to live)
an economic system that relies on habit, custom, or ritual to…
economic system(market)
the methods and principles that a society uses to produce and…
profit
the amount of money a business receives in excess of its expe…
13 terms
Chapter 3 - Economics
Free Enterprise System
Legal Equality
Free Contract
Profit Motive
A system where anyone is free to start a business or enterprise
A situation in which everyone has the same economic rights un…
The concept that people may decide what agreements they want…
The incentive that encourages people and organizations to imp…
Free Enterprise System
A system where anyone is free to start a business or enterprise
Legal Equality
A situation in which everyone has the same economic rights un…
21 terms
ANTH102HC Chapter 3 (Miller): Economic Systems
Mode of livelihood
Mode of consumption
Mode of exchange
Foraging
the dominant way of making a living in a culture
the dominant pattern, in a culture, of using things up or spe…
the dominant pattern, in a culture, of transferring goods, se…
obtaining food available in nature through gathering, hunting…
Mode of livelihood
the dominant way of making a living in a culture
Mode of consumption
the dominant pattern, in a culture, of using things up or spe…
12 terms
Chapter 3 Economics
Gross Domestic Product (GDP)
Standard of Living
Inflation
Deflation
The total value of the goods and services produced by a count…
The level of material comfort as measured by the goods and se…
A general increase in the cost of goods and services.
A general decrease in the cost of goods and services.
Gross Domestic Product (GDP)
The total value of the goods and services produced by a count…
Standard of Living
The level of material comfort as measured by the goods and se…
17 terms
Economics: Chapter 3
household
utility
firm
industrial revolution
the most important economic decision maker, consisting of all…
a household's level of satisfaction, happiness, or sense of w…
a business unit or enterprise formed by a profit-seeking entr…
development of large-scale production during the eighteenth c…
household
the most important economic decision maker, consisting of all…
utility
a household's level of satisfaction, happiness, or sense of w…
15 terms
Chapter 2: Economic Systems
Economic System
Traditional Economy
Command Economy
Market Economy
the way a society uses its scarce resources to satisfy its pe…
an economic system in which families, clans, or tribes make e…
the government decides what goods and services will be produc…
based on individual choice, not government directives.
Economic System
the way a society uses its scarce resources to satisfy its pe…
Traditional Economy
an economic system in which families, clans, or tribes make e…
63 terms
Chapter 3: Global Economic Systems HON 202
What are the three basic economic ques…
What are the two primary economic fram…
Capitalism is an economic system chara…
Capital is
1. What to produce?... 2. How to produce?... 3. Who benefits?
capitalism and socialism. However, no country is strictly one…
1. Private ownership of capital... 2. Market allocation... 3. Self-…
human-made goods that are used to make other goods, such as f…
What are the three basic economic ques…
1. What to produce?... 2. How to produce?... 3. Who benefits?
What are the two primary economic fram…
capitalism and socialism. However, no country is strictly one…
63 terms
Chapter 3: Global Economic Systems HON 202
What are the three basic economic ques…
What are the two primary economic fram…
Capitalism is an economic system chara…
Capital is
1. What to produce?... 2. How to produce?... 3. Who benefits?
capitalism and socialism. However, no country is strictly one…
1. Private ownership of capital... 2. Market allocation... 3. Self-…
human-made goods that are used to make other goods, such as f…
What are the three basic economic ques…
1. What to produce?... 2. How to produce?... 3. Who benefits?
What are the two primary economic fram…
capitalism and socialism. However, no country is strictly one…
18 terms
Economics Chapter 3: The American Free Enterprise System
free enterprise system
open opportunity
legal equality
free contract
n. another name for capitalism, an economic system based on p…
n. the ability of everyone to enter and compete in the market…
n. a situation in which everyone has the same economic rights…
n. a situation in which people decide for themselves which le…
free enterprise system
n. another name for capitalism, an economic system based on p…
open opportunity
n. the ability of everyone to enter and compete in the market…
23 terms
Economics - Chapter 3
High employment, steady growth, and st…
Consumers can make their desires known…
Promote innovation
In-Kind benefit
3 things that policy makers do to try to achieve a stable eco…
What is the relationship between interest groups and consumers.
The reason the government protects inventors and authors by o…
Qualifying for a subsidized housing program from the government
High employment, steady growth, and st…
3 things that policy makers do to try to achieve a stable eco…
Consumers can make their desires known…
What is the relationship between interest groups and consumers.
7 terms
Chapter 3 Economics and Marketing
SCARCITY
CONTROLLED ECONOMY
FREE ECONOMY
MIXED ECONOMY
unlimited wants and needs with limited resources
government makes decisions about what is made and consumed
decisions are made freely with no gov control
some goods and services are provided by the government and so…
SCARCITY
unlimited wants and needs with limited resources
CONTROLLED ECONOMY
government makes decisions about what is made and consumed
11 terms
Chapter 3 Economics
Voluntary Exchange
Macroeconomics
Microeconomics
Gross Domestic Product
The concept that people may decide what and when they want to…
The study of the behavior and decision making of entire econo…
The study of the economics behavior and decision making of sm…
The total value of all final goods and services produced in a…
Voluntary Exchange
The concept that people may decide what and when they want to…
Macroeconomics
The study of the behavior and decision making of entire econo…
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