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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