Unit 5: Economics Flashcards Preview

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Flashcards in Unit 5: Economics Deck (15)
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1

method used by a society to produce goods and services

economic system

2

a gov't program specifying economic activities

economic plan

3

the way all the income in a country is divided

income distribution

4

problems of command economies

-workers lack incentive
-performance falls short of ideals
-sacrifice individual freedoms in order to pursue society's goals

5

those who lend money receive these payments

interest

6

knowing the best way to produce a product, cuts waste

economic efficiency

7

government programs that protect people experiencing bad economic conditions

social safety net

8

economic fairness in terms of resource distribution

economic equity

9

the degree of wealth and material comfort available to a person or community.

standard of living

10

all decisions are made by the people, not the government

market economy
or free market economy
or capitalism

11

buyers and sellers exchange things because nobody is self-sufficient

market

12

to sell government owned business to private individuals or groups

privatization

13

List characteristics of a planned economy.

-resources are publicly owned
-gov't makes decisions on how to use resources
-individual consumers have little influence on economic decision making

14

List characteristics of a mixed economy.

-some resources are publicly owned and some are privately owned
-both individuals and gov't make decisions about what to produce
-individual consumers and gov't influence economic decision making

15

List characteristics of a market economy.

-resources are privately owned
-individuals make decisions on how to use resources.
-individual consumers drive economic decision making by choosing what to buy.