1. 4. An economy that may contain market, command, and/or traditional economic systems
  2. 6. The role of the consumer as the ruler of the market; the consumer decides what goods and services will be produced
  3. 9. An economy in which the government has little to say about what, how, and fir whom goods are produced; the factors of production are privately owned
  4. 12. This is the right of the government to take private property, like land, for public use
  5. 17. Finished product used by an individual for personal use
  6. 18. when allocating by force, goods, services, and factors of production are given or taken away under using threats
  7. 19. Methods available to societies as they seek to answer for whom to produce (how resources are distributed)
  8. 21. this allocation strategy can distribute the resource to the person who wins. The winning could be based on running a race, in academics, or in a test/knowledge/skill
  9. 23. fairness within the economy
  10. 24. the process of reducing or eliminating government regulations on an industry, allowing for more laissez-faire business practices
  11. 26. economic system where the factors of production are privately owned
  12. 27. health program sponsored by the United States Government that provides services to individuals and families with low incomes
  13. 28. one who buys goods or services for personal use
  1. 1. makes businesses produce efficiently and keeps costs low
  2. 2. Occur when the private market is unable to produce goods and services in a way that the marginal benefit to society from the production of the good is equal to or greater than the marginal cost to society for producing the good
  3. 3. us publicly funded health insurance program for the elderly and the disabled
  4. 5. This refers to rules established at some level of government for the purpose of guiding business practices, it is commonly accepted that it may increase the cost of doing business
  5. 6. Economic system characterized by a central authority which makes major economic decisions
  6. 7. this allocation strategy, also known as random selection, gives everyone who wants the good, service, or factor of production equal odds of obtaining it
  7. 8. The negative impact of economic activity upon people who are not directly involved
  8. 10. this allocation strategy allows people to receive a good, service, or a factor of production if they get to it first or are one of the people close enough to the front of the line to receive the good, service, or factor of production before there are none remaining
  9. 11. Seeks to ensure that all those who are willing and able to work have the opportunity to do so
  10. 12. The way in which a society deals with the production, distribution, and consumption of goods and services
  11. 13. An increase in real GDP. It happens through increased investment in capital goods, himan capital, and technology
  12. 14. the ability of consumers, producers, and workers to make their own decisions about consumption, production, and distribution of goods and services
  13. 15. this strategy is based on the decisions of a power person or group of people who make the most of the decisions about who gets to obtain a good, seevice, or factor od production
  14. 16. this is legally granted exclusive right to produce a product a process for a given period of time, usually to the inventor of that product or process
  15. 20. act of providing funds to a financial organization for the purposes of making that organization more profitable, while earning a personal profit at the same time
  16. 22. This strategy occurs when a group of people who have control over a good, service, or factor of production vote to decide how it will be distributed
  17. 25. how well factors of production are allocated as compared to what is desired by consumers and how they are used in production to keep costs low