Structure of methods and principles a society uses to produce and distribute goods

Econ Chapter 2 Vocab Flashcard

Flashcard
•
Social Studies
•
10th - 12th Grade
•
Hard
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38 questions
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1.
FLASHCARD QUESTION
Front
Back
Economic System
2.
FLASHCARD QUESTION
Front
Income received for supplying production factors
Back
Factor Payments
3.
FLASHCARD QUESTION
Front
Level of economic prosperity
Back
Standard of living
4.
FLASHCARD QUESTION
Front
Relies on habit, custom, or ritual to answer basic economic questions.
Back
Traditional Economy
5.
FLASHCARD QUESTION
Front
Money a business receives beyond expenses.
Back
Profit
6.
FLASHCARD QUESTION
Front
Bringing new methods, products, or ideas into use
Back
Innovation
7.
FLASHCARD QUESTION
Front
Programs protecting people from economic hardships like layoffs or disasters.
Back
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