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Economic Systems

Across
the central government owns and controls all resources and means of production and makes all economic decisions.
The arena in which firms purchase the factors of production from households.
the struggle among producers for the dollars of consumers. Self-Interest and competition tend to work hand in hand.
The arena in which households buy the goods and services the firm produces.
system that relies on habit, custom, or ritual to decide the 3 economic questions.
the structure of methods and principles a society uses to produce and distribute goods and services.
the concentration of the productive efforts of individuals and businesses on a limited number of activities.
personal gain
The government does not typically intervene in the marketplace other than instances of consumer safety.
set of programs to protect people who face unfavorable economic conditions such as layoffs or injury.
Down
believed that labor was the source of all value.
a person or group of people living in a single home.
an arrangement that allows buyers and sellers to exchange things.
the belief that wealth should be evenly distributed throughout the society.
An organization that uses resources to produce a product or service, then sells
the hope of reward or fear of penalty that encourages a person to behave in a certain way.
the income people receive in return for supplying factors of production.
the government, rather than the producers and consumers, decide what the country produces, how it will produce it, and who gets it.
Level of economic prosperity
the amount of money a business receives in excess of its spending.
Books, songs, or movies someone created.
an economic system in which decisions on the 3 key economic questions are based on a voluntary exchange in markets.
property owned by individuals or companies and not by the government or people as a whole.