Economics Review

3. the struggle among producers for the dollars of consumers
7. an organization that uses resources to produce a product, which it then sells
9. planned economy the central government alone decides how to answer all three key economic questions
10. of living level of economic prosperity
11. enterprise an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decision rather than by state control; and determined in a free market
14. economy an economy that relies on habit, custom, or ritual to decide what to produce, how to produce it, and whom to distribute it to
16. economies another name for centrally planned economies
18. the financial gain made in a transaction
19. a social and political philosophy based on the belief that democratic means should be used to evenly distribute wealth throughout a society
20. and expectation that encourages people to behave a certain way

1. hand term economist use to describe the self-regulating nature of the marketplace
2. a person or group of people living in the same residence
4. an arrangement that allows buyers and sellers to exchange thing
5. economy economic decisions are made by individuals and are based on exchange, or trade
6. economy market based economic systems in which government plays a limited role
8. period of change in which an economy moves away from a centrally planned economy toward a market-based system
10. net set of government programs that protect people experiencing unfavorable economic conditions
12. system the method used by a society to produce and distribute goods and services
13. one's own personal gain
15. to sell state-run firms to individuals
17. a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the central government