Centrally Planned and Market Economies and Supporting Economic Growth Vocabulary

What gives and inventor of a new product the exclusive right to produce and sell it for 20 years?

Economic system that has some market-based elements and some government involvement.

What political and economic system limits individual freedoms and requires strict obedience from citizens?

What is the term for replacement of older products and services that are out-of-date due to innovation?

What system requires resources, such as taxes, to provide services in mixed economy?

What is the term for doctrine that the government generally should not intervene in the marketplace?

What gives an author exclusive rights to publish and sell his or her creative works?

What is the term for property such as books, songs, or movies that individuals have created?

Economy where the government, rather than individual producers and consumers, answer the three basic economic questions.

What is the term for an alternating pattern of periodic economic expansion and contraction?

What is the term for the selling of enterprises operated by the government to individuals?

What is the period in which a nation moves from one economic system to another?

What is the study of economic behavior and decision-making in a nation’s whole economy?

What is the total value of all goods and services produced in a country in a given year?

What is the term for property owned by individuals or companies and not by the government?

What is the study of economic behavior and decision-making in small units, such as households and firms?

What system owns and controls all resources and means of production and makes all economic decisions?

What describes a range of political and economic systems in which wealth is evenly distributed throughout society?

Economy that opposes private property, free market pricing, competition, and consumer choice.