Topic 2/Ch 2 Economic Systems

Fair distribution of wealth is called Economic Equity

What is specialization?

In a Market Economy it is the individuals that decides the production and consumption of goods and services

All societies have economic goals they like to achieve

What are the characteristics of a mixed economy?

Command Economy has the government in control of the factors of production

What are examples of command economy?

What is an economic system?

What is a market economy?

What is a standard of living?

Patriotism is the love of one's country

What does Economic Security might look like?

What are the three basic economic questions?

What are factor payments?

Each society might place an emphasis on different economic goals for priorities

What is an example of an economic goal?

What does a household consist of in terms of economics?

Every society must answer the three basic economic questions using an economic system

A market allows for the both buyers and sellers to exchange goods and services

Traditional Economies typically have a low standard of living

A command economy is the same as a centrally planned economy