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Understanding Economic Concepts: Terms, Definitions, and Examples

Learn about key economic concepts such as profit, competition, socialism, privatization, factor payments, and more. Explore different economic systems, their characteristics, and the role of government intervention. Expand your knowledge of economic principles and their impact on societies.

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Understanding Economic Concepts: Terms, Definitions, and Examples

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  1. 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

  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 theself-regulating natureof 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. standardof 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 namefor an economy centrally planned bythe 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 methodused by a society to produce and distribute goods and services?

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