Transcript Document 7176188

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What is the financial
gain made in a
transaction called?
profit
What is the struggle
among producers for the
dollars of consumers
called?
competition
What system attempts to
evenly distribute wealth
and political power
throughout the society?
socialism
What is it called to sell
state-run firms to
individuals?
privatize
What is the income
people receive for
supplying land, labor, or
capital called?
factor
payments
What kind of industry
requires large capital
investment and produces
items used in other
industries?
heavy industry
What are government
programs that protect
people experiencing
unfavorable economic
conditions?
safety net
What term do economists
use to describe the
self-regulating nature
of the marketplace?
invisible hand
What is concentrating
production on a limited
number of activities
called?
specialization
What is the power of
consumers to decide
what gets produced?
consumer
sovereignty
What economic system
relies on habit & custom
to decide questions of
production?
traditional
economy
What is the level of
economic prosperity in
an area called?
standard
of living
What arrangement
allows buyers and
sellers to exchange
things?
market
What is one's own
personal gain called?
self-interest
Name the market in
which households
purchase the goods and
services that firms
produce.
product market
What doctrine states that
government generally
should not intervene in
the marketplace?
laissez faire
What's another name
for an economy
centrally planned by
the government?
command
economy
Which economic system
bases production and
consumption on
voluntary exchange in
markets.
market
economy
What was a large Soviet
farm leased from the
state to groups of
peasant farmers called?
collective
What is an economic
system that permits the
conduct of business with
minimal government
intervention?
free enterprise
What is it called to have
a strict obedience to
someone such as a
dictator?
authoritarian
What is an expectation
that encourages people
to behave in a certain
way called?
incentive
What type of
government system
gives all the economic
and political power to
the central government?
communism
What is a market-based
economic system with
limited government
involvement called?
mixed
economy
What is the method
used by a society to
produce and distribute
goods and services?
economic
system