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Flashcards in 5.03 Deck (21):
1

Economy

The production and use of goods and services in a society.

2

Common Good

The greatest possible conditions of society for the greatest number of people living in it.

3

Supply

The total amount of a good or service available for purchase.

4

Demand

The total amount of a good or service that people are willing to buy

5

Economic Systems

The approach a country uses to deal with scarcity and achieve its economic goals

6

Traditional Economy

An economy based on culture and tradition to control the market.

7

Mixed Economy

An economy with individual economic freedom mixed with some government economic planning and regulation

8

Command Economy

An economy that is planned and controlled by the national government

9

Founding Fathers

Name given to the early leaders of the United States who helped design the nation's government

10

U.S. Constitution

Plan detailing the structure, functions, and powers of the government of the United States, also known as the Congress.

11

Market Economy

An economic system that relies upon supply and demand to distribute resources and determine prices

12

Laws

A rule established by government or other source of authority to regulate people's conduct or activities.

13

Regulations

An official rule or order that guides behavior related to laws, or to carry out a law.

14

Antitrust

Intending to prevent businesses from using practices that both prevent competition and lead to unfair profits

15

Monopoly

A single business that controls the market for a good or service

16

Patent

A document protecting the right of an inventor to make or sell an invention

17

Innovations

A new invention, improvement, or new way of doing something

18

Price Control

A maximum or minimum price set by law

19

Sherman Antitrust Act

Federal legislation from 1890 outlawing actions that lead to the creation of a monopoly.

20

Efficient

Well organized and able to achieve goals with a minimum of resources, time, and effort.

21

Natural Monopolies

A product produced most efficiently when there is one supplier, such as electricity.