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2. What is the financial gain made in a transaction called?

3. profit

4. What is the struggle among producers for the dollars of consumers called?

5. competition

6. What system attempts to evenly distribute wealth and political power throughout the society?

7. socialism

8. What is it called to sell state-run firms to individuals?

9. privatize

10. What is the income people receive for supplying land, labor, or capital called?

11. factor payments

12. What kind of industry requires large capital investment and produces items used in other industries?

13. heavy industry

14. What are government programs that protect people experiencing unfavorable economic conditions?

15. safety net

16. What term do economists use to describe the self-regulating nature of the marketplace?

17. invisible hand

18. What is concentrating production on a limited number of activities called?

19. specialization

20. What is the power of consumers to decide what gets produced?

21. consumer sovereignty

22. What economic system relies on habit & custom to decide questions of production?

23. traditional economy

24. What is the level of economic prosperity in an area called?

25. standard of living

26. What arrangement allows buyers and sellers to exchange things?

27. market

28. What is one's own personal gain called?

29. self-interest

30. Name the market in which households purchase the goods and services that firms produce.

31. product market

32. What doctrine states that government generally should not intervene in the marketplace?

33. laissez faire

34. What's another name for an economy centrally planned by the government?

35. command economy

36. Which economic system bases production and consumption on voluntary exchange in markets.

37. market economy

38. What was a large Soviet farm leased from the state to groups of peasant farmers called?

39. collective

40. What is an economic system that permits the conduct of business with minimal government intervention?

41. free enterprise

42. What is it called to have a strict obedience to someone such as a dictator?

43. authoritarian

44. What is an expectation that encourages people to behave in a certain way called?

45. incentive

46. What type of government system gives all the economic and political power to the central government?

47. communism

48. What is a market-based economic system with limited government involvement called?

49. mixed economy

50. What is the method used by a society to produce and distribute goods and services?

51. economic system