INNOVATION
PRODUCT MARKET
COMPETITION
PROFIT
STANDARD OF LIVING
PLANNED ECONOMY
REDISTRIBUTION OF INCOME
MIXED ECONOMY
FACTOR PAYMENTS
FREE MARKETS
LAISSEZ FAIRE
ECONOMIC QUESTIONS
INCENTIVE
an economic system where consumers and producers make decisions
the money a firm keeps after satisfying all its factor payments or input costs
a country's level of wealth and quality of life
economic system where government decisions dominate
a phrase that means let people do as they choose; government is "hands off"
the struggle among producers for consumers' dollars; encourages lower prices
a penalty or reward that motivates a person's behavior
money a firm pays for input costs or the factors of production (capital, land & labor)
what to make, how to make it and for whom to make it
private property and ownership of the factors of production with some government involvement; most countries have this type of economy
the part of the circular flow model where goods and services are bought and sold
in many socialist systems, income is directed away from higher earners and given to those based on need
using new technologies or ideas
