Economics Ch 2 - Economic Systems

Lack of movement, especially in regard to economic growth

Economic system in which a central authority makes economic decisions

Certificates to buy government-owned property during privatization

National policy of avoiding international alliances and economic interactions

Economic system in which factors of production are completely owned by the government

Production process requiring large amounts of capital in relation to labor

Organized way a society provides for the needs of its people

Economic System that prioritizes private ownership of goods and let's supply/demand set prices

Economic system in which the government controls many, but not all, factors of production

the distribution of resources

Economic system that uses tradition, government intervention, and free markets to answer the economic questions

Shift of an economy, or part of an economy, from private ownership to government ownership

Forced public ownership of factors of production

Economic activity is a result of ritual, habit, or custom

Value of goods produced in a country per person

Market in which goods and services are sold illegally

Conversion of state-owned resources into private property

A place where buyers and sellers interact to set prices

Number of organisms per unit of living area