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Presentation transcript:

100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

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