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economics
24 cards·by Caden_schram
free enterprise system
A free enterprise system is an economic system where a government places very few
restrictions on the types of business activities or owners
command economy
system in wich the govement controls the factors of production and makes all decisions about
their use
market
he process of freely ecchanging goods and services between buyers and sellers
circular flow of income ad output
an economic model that pictures income as flowing continoisly between biisness and
consumers
mixed economics
system combinding characteristics of more than one type of economy
capitalism
an economic and political system in which a country's trade and industry are controlled by
private owners for profit, rather than by the sta
a policy or attitude of letting things take their own course
without interfering.
lazie-faire
a policy or attitude of letting things take their own course
a financial gain
especially the difference between the amount earned and the amount spent in buying
profit
a financial gain especially the difference between the amount earned and the amount spent in
buying
profit incentive
In economics the profit motive is the motivation of firms that operate so as to maximize their
profits Mainstream microeconomic theory posit
private property
Image result for private property definition
private property
Image result for private property definition
private property
Image result for private property definition Private property is a legal designation for the
ownership of property by non-governmental legal
economic equality
the attempt to balance an economic policy so that everyone benefits farily
economic effciency
wise use of avaliable resources so as to obtain the greatest benefits possible
standard of living
teh material of an individyal group or nation measured by how well their necessities and
luxuries are satisfied
economic growth
expansion of the economy to produce more goods jobs and wealth
freedom
allows each memner of society to make choices
effieciency
wise use of avaliable resources to obtain the greatest possible benifit
equality
balance of economic policy so that everyone bebefits farily
security
protection aginst risks beyondn our control
stability
reduce extreme ups and downs in ht e standard of living
growth
expansion of the economy to produce more jobs goods and more wealth