Economics: Key Concepts and Definitions for Market and Command Economies
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12 Terms
command economy
the people have little, if any, influence over how the basic economic questions are answered
market economy
Economic decisions are made by individuals or the open market.
economic efficiency
wise use of available resources so as to obtain the greatest benefits possible
Economic Equity
the attempt to balance an economic policy so that everyone benefits fairly
economy
an organized way in which people produce, sell, and buy things
economic freedom
people place a high value of freedom to make their own economic decisions
economic security
social security
price stability
price level of goods and services stays mostly constant over time without sudden inflation or deflation
fixed income
income that does not increase even when prices go up
inflation
A general and progressive increase in prices
social security
federal program of disability and retirement benefits that covers most working people
traditional economy
decisions about production, distribution, and trade are based on history, and cultural beliefs rather than market demand or government control