Economic systems

Ms. B (United States of America)
Terms that are useful for Chapter 2 - Economic Systems
23 words 680 learners

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Full list of words from this list:

words only definitions & notes
  1. patriotism
    love of country and willingness to sacrifice for it
  2. standard of living
    the level of material goods and services available
  3. market economy
    an economy that relies on market forces to determine prices
  4. mixed economy
    an economic system that combines private and state enterprises
  5. laissez faire
    a doctrine that government should not interfere in commerce
  6. services
    performance of duties or provision of space and equipment helpful to others
  7. incentive
    a positive motivational influence
  8. self-interest
    concern for your own interests and welfare
  9. entrepreneur
    someone who organizes a business venture
  10. efficient
    being effective without wasting time, effort, or expense
  11. staggering
    so surprisingly impressive as to stun or overwhelm
  12. profits
    the excess of revenues over outlays in a given period of time (including depreciation and other non-cash expenses)
  13. consumer
    a person who uses goods or services
  14. maximize
    make as big or large as possible
  15. innovation
    the act of starting something for the first time
  16. market economy
    an economy that relies on market forces to determine prices
  17. mixed economy
    an economic system that combines private and state enterprises
  18. self-sufficient
    able to provide for your own needs without help from others
  19. household
    a social unit living together in a residence
  20. monetary
    relating to or involving money
  21. scarcity
    a small and inadequate amount
  22. shortage
    an amount that is less than expected or required
  23. capitalism
    an economic system based on private ownership of assets
Created on Thu Feb 21 18:37:39 EST 2013 (updated Fri Feb 22 12:51:42 EST 2013)

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