Monday, September 7, 2015

Chapter 2 vocab

2(1)
economic system

  traditional economy

  market economy

  centrally planned/command economy

  mixed economy

factor payments

patriotism

safety net

standard of living


2(2)
market

specialization

household

firm

factor market

profit

product market

self interest

incentive

competition

invisible hand

consumer sovereignty

2(3)
socialism

communism

authoritarian

collective

heavy industry

2(4)
laissez faire

private property

free enterprise

continuum

transition

privatize

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