Economics 2022

An economic system based on private ownership of productive resources

The study of the economy as a whole and is concerned with large-scale economic activity

A situation in which people decide for themselves which legal agreements to enter

To change from government or public ownership to private ownership

Market economy is an economic system which the government makes all economic decisions

Objects such as food, clothing, and furniture, that can be bought

Exists when there are not enough resources to satisfy human wants

A situation in which demand is greater than supply, usually the results of prices being set too low

Work that one person does for another

A maker of goods or a provider of services

Refers to all the economic interactions that cross international boundries

A person who buys or uses goods or services

Which of the following are the 4 Factors of Production?

The desire and ability to produce and sell a product

Any place where people buy and sell goods and services

Socialism is...

An economic system in which the govt owns all the factors of production

System that requires absolute obedience to those in power

A sustained rise in the general price level, or a sustained fall in the purchasing power of money

To change from private ownership to government/public ownership

The way a society uses resources to satisfy its people's wants

Economic system that is based on private ownership of the factors of production

A recession is an extended period of high unemployment and reduced business activity

A depression is a prolonged period of economic contraction lasting two or more quarters (6 months or more)

A system in which central government officials make all economic decisions

Command economy is when individual choice and voluntary exchange direct economic decisions

The market value of all final goods and services produced within a nation in a given time period

The market for the factors of production

Things that are necessary for survival

Willingness to buy a good or service and the ability to pay for it is demand

The study of individuals, families, and businesses in an economy

The study of how individuals and societies satisfy their unlimited wants with limited resources

The market where goods and services are bought and sold

An economy that has elements of traditional, market, and command systems is a mixed economy

Desires that can be satisified by consuming a good or a service

A situation in which supply is greater than demand, usually the prices being set too high

What is laissez faire?

An economic system in which people produce and distribute goods according to customs handed down from generations