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Study sets matching "economic vocabulary system"

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Study sets matching "economic vocabulary system"

37 terms
economics assesment
demand
law of demand
3 factors that influence demand
substitution effect
the willingness and ability to buy or consume something
as price goes up, quantity demanded goes down.
sustitution effect, real income effect, diminishing marginal…
as the price of one good or service goes up, quantity demande…
demand
the willingness and ability to buy or consume something
law of demand
as price goes up, quantity demanded goes down.
18 terms
Economic System Vocabulary
supply & demand
market
mixed economy
command economy
an economic concept that states that the price of a good rise…
A group of buyers and sellers of a particular good or service
command + market economy; some gov't regulation, some free ma…
An economic system in which the government controls a country…
supply & demand
an economic concept that states that the price of a good rise…
market
A group of buyers and sellers of a particular good or service
18 terms
Economic System Vocabulary
supply & demand
market
mixed economy
command economy
an economic concept that states that the price of a good rise…
A group of buyers and sellers of a particular good or service
command + market economy; some gov't regulation, some free ma…
An economic system in which the government controls a country…
supply & demand
an economic concept that states that the price of a good rise…
market
A group of buyers and sellers of a particular good or service
16 terms
Economic System Vocabulary
supply & demand
market
mixed economy
command economy
an economic concept that states that the price of a good rise…
A group of buyers and sellers of a particular good or service
command + market economy; some gov't regulation, some free ma…
An economic system in which the government controls a country…
supply & demand
an economic concept that states that the price of a good rise…
market
A group of buyers and sellers of a particular good or service
21 terms
Economic System Vocabulary
Economics
scarcity
natural resources
human resources
is the study of how people satisfy needs and wants through ch…
limited resoucres
seeds
employees
Economics
is the study of how people satisfy needs and wants through ch…
scarcity
limited resoucres
17 terms
Economics and Economic system VOCABULARY
Economics
Scarcity
Capital Resources
Natural Resources
Making choices (what the economy in a country produces) and s…
The condition that exists when wants exceed resources availab…
Goods produced and used to make other goods and services. ... (E…
"Gifts of nature" that are present without human intervention…
Economics
Making choices (what the economy in a country produces) and s…
Scarcity
The condition that exists when wants exceed resources availab…
16 terms
Economic Systems Vocabulary
traditional
traditional agriculture
cottage industry
commercial industry
traditional
traditional agriculture
16 terms
Economic System Vocabulary
supply & demand
market
mixed economy
command economy
The basic idea behind Free Enterprise Systems- the idea that…
A group of buyers and sellers of a particular good or service
Economic systems in which some allocation of resources is mad…
An economic system in which the government controls a country…
supply & demand
The basic idea behind Free Enterprise Systems- the idea that…
market
A group of buyers and sellers of a particular good or service
25 terms
Economic Systems Vocabulary
Output
Product Markets
Laissez-Faire Economics
Gross Domestic Product
Amount produced
Places where producers offer goods and services for sale.
System in which government has a limited role in the marketpl…
Total dollar value of all final goods and services produced d…
Output
Amount produced
Product Markets
Places where producers offer goods and services for sale.
26 terms
Economic systems
traditional economy
economic systems
command system
socialism
economic system in which the allocation of scarce resources,…
organized way a society provides for the wants and needs of i…
economic system characterized by a central authority that mak…
economic system in which government owns some factors of prod…
traditional economy
economic system in which the allocation of scarce resources,…
economic systems
organized way a society provides for the wants and needs of i…
17 terms
Understand Economics and Economic system vocabulary
Economics
Scarcity
Capital Resources
Natural Resources
Making choices(what the economy in a country produces) and sa…
the condition that exists when wants exceed resources availab…
Goods produced and used to made other goods and services.... (Ex…
"Gifts of nature" that are present without human intervention…
Economics
Making choices(what the economy in a country produces) and sa…
Scarcity
the condition that exists when wants exceed resources availab…
11 terms
Understand Economics and Economic system- Vocabulary
Economics
Scarcity
Capital Resources
Human Resources
Making choices (what the economy in a country produces) and s…
The condition that exists when wants exceed resources availab…
Goods produced and used to make other goods and services.... (Ex…
The knowledge, efforts, and skills people bring to their work…
Economics
Making choices (what the economy in a country produces) and s…
Scarcity
The condition that exists when wants exceed resources availab…
17 terms
Understand Economics and Economic System Vocabulary
Economics
Scarcity
Capital Resources
Natural Resources
Making choices (what the economy in a country produces) and s…
The condition that exists when wants exceed resources availab…
Goods produced and used to make other goods and services.... (Ex…
"Gifts of nature" that are present without human intervention…
Economics
Making choices (what the economy in a country produces) and s…
Scarcity
The condition that exists when wants exceed resources availab…
16 terms
Understand Economics and Economic System - Vocabulary
Economics
Scarcity
Capital Resources
Natural Resources
Making choices (what the economy in a country produces) and s…
The condition that exists when wants exceed resources availab…
Goods are produced and used to make other goods and services.…
"Gifts of nature" that are present without human intervention…
Economics
Making choices (what the economy in a country produces) and s…
Scarcity
The condition that exists when wants exceed resources availab…
13 terms
Economic Systems Vocabulary
Market Economy
Mixed Economy
Command Economy
Traditional Economy
An economic system in which individuals and businesses make m…
An economic system in which both the government and individua…
An economic system in which the government makes decisions ab…
An economy in which production is based on customs and tradit…
Market Economy
An economic system in which individuals and businesses make m…
Mixed Economy
An economic system in which both the government and individua…
13 terms
Economic Systems Vocabulary
Market Economy
Mixed Economy
Command Economy
Traditional Economy
An economic system in which individuals and businesses make m…
An economic system in which both the government and individua…
An economic system in which the government makes decisions ab…
An economy in which production is based on customs and tradit…
Market Economy
An economic system in which individuals and businesses make m…
Mixed Economy
An economic system in which both the government and individua…
7 terms
Government & Economic Systems Vocabulary
limited government
democracy
unlimited government
free enterprise system
a type of government that has legal limits on its power.
form of government in which the people elect leaders and rule…
a government in which there are no limits set on a ruler's po…
an economic system in which businesses can compete freely wit…
limited government
a type of government that has legal limits on its power.
democracy
form of government in which the people elect leaders and rule…
17 terms
DMS Vocabulary for Economic Systems
scarcity
Three economic questions
traditional economy
command economy
a limited supply
what to produce, how to produce and for whom to produce?
things are done the way they have been done for years and yea…
the government controls every aspect of this economy
scarcity
a limited supply
Three economic questions
what to produce, how to produce and for whom to produce?
26 terms
Economic Systems Vocabulary
Standard of Living
GDP per Capita
Literacy Rate
Export and Import
Level of material comfort in terms of goods and services avai…
The amount of national income (Gross Domestic Product) each p…
The percentage of adult citizens in the nation who can read a…
A good that is produced by one country but sold in another co…
Standard of Living
Level of material comfort in terms of goods and services avai…
GDP per Capita
The amount of national income (Gross Domestic Product) each p…
60 terms
Economic Vocabulary & All Economic Systems
Economic Equity
Social Programs
Public Utilites
Crown corperations
The situation in an economy in which the apportionment of res…
In Canada include all government programs designed to give as…
An organization supplying a community with electricity, gas,…
Any corporation that is established and regulated by a countr…
Economic Equity
The situation in an economy in which the apportionment of res…
Social Programs
In Canada include all government programs designed to give as…
8 terms
Economic Systems vocabulary
economic system
production
distribution
consumption
the way a society organizes the production, distribution, and…
The process of creating goods and services
All the activities involved in moving or transferring goods a…
Spending by households (consumers) on goods and services
economic system
the way a society organizes the production, distribution, and…
production
The process of creating goods and services
9 terms
Economic System Vocabulary
Command Economic system
Communism
Economic System:
Embargo:
An economic system in which the government decides what goods…
An economic system based on one-party rule, government owners…
The way in which a nation uses its resources to satisfy peopl…
A type of trade barrier
Command Economic system
An economic system in which the government decides what goods…
Communism
An economic system based on one-party rule, government owners…
Economic Basics and Economic Systems Vocabulary
3 Economic Questions
Adam Smith
Capitalism - Free Market Economy
Communism - Command Economy
What will be produced?... - Individuals create and develop produ…
Adam Smith is commonly referred to as the "Father of Economic…
A system in which individuals and businesses have the control…
A system in which the government has complete control over ev…
3 Economic Questions
What will be produced?... - Individuals create and develop produ…
Adam Smith
Adam Smith is commonly referred to as the "Father of Economic…
9 terms
Economic Systems and Government vocabulary
Unitary
Confederation
Federal
Autocratic
characterized by or constituting a form of government in whic…
voluntary associations of independent states that, to secure…
characterized by or constituting a form of government in whic…
government in which one person possesses unlimited power and…
Unitary
characterized by or constituting a form of government in whic…
Confederation
voluntary associations of independent states that, to secure…
22 terms
Economic system vocabulary
land
capital
entrepreneurship
factor of production
human recourse; includes all people who work within an economy
monetary resouces needed to start and operate a business or g…
human skills required to start and run a business
materials used to make goods and services
land
human recourse; includes all people who work within an economy
capital
monetary resouces needed to start and operate a business or g…
35 terms
Introduction to Economics and Economics Systems Vocabulary
Economics
Scarcity
Goods
Services
The study of how a society manages its scarce resources
Limited qualities of resources to meet unlimited wants
Physical objects vs needs versus wants
Actions or activities that one person provides for the other…
Economics
The study of how a society manages its scarce resources
Scarcity
Limited qualities of resources to meet unlimited wants
18 terms
Economic Systems of Europe Vocabulary
Currency
Traditional Economy
Command Economy
Market Economy
money used as a form of exchange
social roles and culture determine how goods are made sold an…
the government decides what goods will be made (produced), ho…
based on individual choices and voluntary trade
Currency
money used as a form of exchange
Traditional Economy
social roles and culture determine how goods are made sold an…
31 terms
Economic system vocabulary
Economic System
Supply
Capital
Need
Systems that determine production and consumption of an ... area…
Quality of goods and services available at given price
Money available to invest in business and equipment
Items humans need in order to survive
Economic System
Systems that determine production and consumption of an ... area…
Supply
Quality of goods and services available at given price
16 terms
Economic system vocabulary
Economic system
Capital
Needs
Means of production
System that determine production and consumption of an area r…
Money available to invest in business and equipment ( technol…
Things that are necessary for survival (EX: food, water cloth…
How something is being made (I.e. By hand , machine factory
Economic system
System that determine production and consumption of an area r…
Capital
Money available to invest in business and equipment ( technol…
32 terms
Economic system vocabulary
Economic system
Capital
Needs
Wants
Systems that determine production and consumption
Money available to invest in business and equipment
Things that are necessary for survival
Things that are not necessary for survival
Economic system
Systems that determine production and consumption
Capital
Money available to invest in business and equipment
32 terms
Economic system vocabulary
Economic
Human Necessitate
Human Wants
Land
way in when humans allocate scarce resources to produce vario…
goods and services necessary to survival
goods and services desired but not necessary for survival
natural resources found on earth; includes all contained in t…
Economic
way in when humans allocate scarce resources to produce vario…
Human Necessitate
goods and services necessary to survival
21 terms
Economics: Economic Systems
Economic System
Patriotism
Safety Net
Standard of Living
The method used by a society to produce and distribute goods…
The love of one's country; the passion that inspires a person…
Government programs that protect people experiencing unfavora…
A measurement of of the quality of life based on ownership of…
Economic System
The method used by a society to produce and distribute goods…
Patriotism
The love of one's country; the passion that inspires a person…
32 terms
Economic System Vocabulary
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
Products and money used to produce goods and services.
The private ownership of economic resources by individuals ra…
An economy in which resources are owned and controlled by the…
Basic Economic Problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resources
Products and money used to produce goods and services.
32 terms
Economic System Vocabulary
Basic Economic Problem
Capital Resources
Capitalism
Command Economy
The mismatch of unlimited wants and needs and limited economi…
Products and money used to produce goods and services.
The private ownership of economic resources by individuals ra…
An economy in which resources are owned and controlled by the…
Basic Economic Problem
The mismatch of unlimited wants and needs and limited economi…
Capital Resources
Products and money used to produce goods and services.
9 terms
Economic System Vocabulary
Command economic system
Communism
Economic system
Embargo
an economic system in which the government decides what goods…
an economic system based on one-party rule
the way in which a nation uses its resources to satisfy peopl…
a type of trade barrier in which a government places restrict…
Command economic system
an economic system in which the government decides what goods…
Communism
an economic system based on one-party rule
22 terms
Structure - Systems: Economics Vocabulary
Income
Savings
Economy
Producer
Money people are paid.
Money people do not spend.
The way a country produces and uses good services.
Someone who makes a product.
Income
Money people are paid.
Savings
Money people do not spend.
32 terms
economic system vocabulary
Economics
human necessities
human wants
land
way in which humans allocate scarce resources to produce vari…
goods and services necessary to survive
goods and services desired but not necessary for survival
natural resources found on earth; includes everything contain…
Economics
way in which humans allocate scarce resources to produce vari…
human necessities
goods and services necessary to survive
21 terms
Economic system vocabulary
Economy
Market
Command
Traditional
Production and exchange of good and services
Only paid for what you do
Government decides what the people need,
Goods and services are traded without exchanging money
Economy
Production and exchange of good and services
Market
Only paid for what you do
32 terms
Economic System Vocabulary
Economic System
Capital
Needs
Wants
Systems that determine production and consumption of an area…
Money available to invest in buisness and equipment (techonol…
Things that are necessary for survival (EX: Food, water , clo…
Things are not necessary for survival (luxury items)
Economic System
Systems that determine production and consumption of an area…
Capital
Money available to invest in buisness and equipment (techonol…
18 terms
Economic System Vocabulary
Scarcity
Consumer
Oligopoly
Privately Owned
In Economies the idea that land, labor and capital limit the…
Those who use product and service.
A market from which a market or industry is dominated by a sm…
Economics the part of the economy owned and controlled by bus…
Scarcity
In Economies the idea that land, labor and capital limit the…
Consumer
Those who use product and service.
30 terms
Economics Chapter 2 Vocabulary: 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…
the amount of money a business receives in excess of expenses
a set of government programs that protect people who face unf…
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…
31 terms
Economic system vocabulary
Economic systems
Capital
Needs
Wants
Systems that determine production and consumption of an area,…
Money avaliable to invest in business and equipment (technolo…
Things that are necessary for survival (EX food, water, cloth…
Things are not necessary for survival (luxury items)
Economic systems
Systems that determine production and consumption of an area,…
Capital
Money avaliable to invest in business and equipment (technolo…
23 terms
Economic system vocabulary
Economic system
Capital
Needs
Wants
Systems that determine production and consumption of an area…
Money available to invest in business and equipment (technolo…
Things that are necessary for survive (Ex: Food water clothin…
Things that are not necessary for survival (luxury items)
Economic system
Systems that determine production and consumption of an area…
Capital
Money available to invest in business and equipment (technolo…
14 terms
Economic System Vocabulary
command economy
market economy
traditional economy
trade barriers
an economic system in which the government controls or owns t…
an economic system in which individuals controls or owns the…
an economy where decisions are based on customs, religion, an…
anything that slows down or prevents one country from exchang…
command economy
an economic system in which the government controls or owns t…
market economy
an economic system in which individuals controls or owns the…
11 terms
Economic System Vocabulary
Traditional/Barter Economy
(Government) Free Market Economy
(Government) Command Economy
Mixed Economy
Subsistence farming= agriculture
Based upon supply and demand
Controlled by strong, centralized government
Combination of Market and Command
Traditional/Barter Economy
Subsistence farming= agriculture
(Government) Free Market Economy
Based upon supply and demand
8 terms
Political and Economic System Vocabulary
Unitary system
Federal System
United States
Confederation
Gives all ey powers to the national or central government
Divides the powers of government between national government…
Developed a federal system after the thirteen colonies became…
A loose union of independent territories
Unitary system
Gives all ey powers to the national or central government
Federal System
Divides the powers of government between national government…
15 terms
Economic Systems Vocabulary
Economy
Consumer
Producer
Market Economy
The way goods and services are produced and consumed.
A person who purchases goods and services for personal use
someone who makes goods or offers services to others.
An economic system in which producers are free to decide what…
Economy
The way goods and services are produced and consumed.
Consumer
A person who purchases goods and services for personal use
21 terms
The Economic System Vocabulary
Laissez Faire
Private property
Transition
Free enterprise
The doctrine that generally government generally should not i…
Property owned by individuals or companies, not by the govern…
Period if change in which an economy moves away from a centra…
An economic system characterized by private or cooperate owne…
Laissez Faire
The doctrine that generally government generally should not i…
Private property
Property owned by individuals or companies, not by the govern…
9 terms
Economic Systems vocabulary
consumer
demand
economics
economy
someone who uses/buys goods or services
how many people want a good or service
study of how a country manages its money and resources to pro…
a country's plan for how to use their limited resources
consumer
someone who uses/buys goods or services
demand
how many people want a good or service
Economic Systems Vocabulary
True or false: No two countries have t…
Economic System
Communism
Communism Motto:
True
The rules that a government uses for the buying, selling, and…
An economic system in which a state owns all the property inc…
"We are all in this together"
True or false: No two countries have t…
True
Economic System
The rules that a government uses for the buying, selling, and…
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