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Economics Vocabulary Chapt. 2 Section 1 & 2

economic systemthe method used by a society to produce and distribute goods and services
factor paymentsthe income people receive for supplying factors of production such as land, labor, or capital
patriotismthe love of one's country
safety netgovernment programs that protect people experienceing unfavorable economic conditions
standard of livinglevel of economic prosperity
traditional economyeconomic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
market economyeconomic system in which decisions on production and consumption of goods and services are based on voluntary exchange in markets
centrally planned economyeconomic system in which the central government makes all decisions on the production and consumption of goods and services
command economyeconomic system in which a central authority is in command of the economy
mixed economymarket based economic system with limited government involvement
marketan arrangement that allows buyers and sellers to exchange things
specializationthe concentration of the productive efforts of individuals and firms on a limited number of activities
factor marketmarket in which firms purchase the factors of production from households
profitthe financial gain made in a transaction
product marketthe market in which households purchase the goods and services that firms produce
self-interestone's own personal gain
incentivean expectation that encourages people to behave in a certain way
competitionthe struggle among producers for the dollars of consumers

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