Econ Terms Ch 2

-economic system with a central authority that makes the major economic decisions-

-fundamental feature of capitalism that allows individuals to own and control the possesions as they wish-

-federal program of disability and retirement benifits that cover most working people-

-lowest legal wage that can be paid to most workers-

-economic system in which the allocation of scarce resources and economic activities are based on ritual, habit, and customs-

-rise in the general level of prices-

-economic system in which private citizens own and use the factors of production in order to generate profits-

-the struggle among sellers to attract consumers-

-economic and political system in which all factors of production are collectively owned and controlled by the state-

-Economic system in which supply, demand, and the price system help people make economic decisions and allocate resources-

-economic system that has some combination of traditional, command, and market economies-

-capitalist economy in which competition is allowed to flourish with a minimum of government interference-

-political and economic system in which the government owns and controls some factors of production-

-meeting place or mechanism that allows buyers and sellers to come together-

-extent to which persons or organizations are better off financially at the end of a period than they are at the beginning-