Economic Semester Test Vocab Flashcards
Bond
A formal contract to repay borrowed money with interest and fixed intervals
Traditional economy
Economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
Incentitives
An exception that encourages people to behave in a certain way
Zoning law
Law in a city or town that designates separate areas for residency and for the business
Transition
Period of change in which an economy moves away from a centrally planned economy toward a market-bases system
Collective
Large farm leased from the state to groups of peasant farms
Trade association
Non profit organization that promotes the interest of a particular industry
Communism
Political system characterized by a centerly planed economy with all economic and political power resting in the hands of the central government
Authoritarian
Requiring strict obedience to an authority, such as a dictator
Dividend
Portion of corporate profits paid out to stockholders
Economic system
Method used by a society to produce and distribute goods and services
Limited partnership
Partnership which only one partner is required to be a general partner
Factor payments
Income people receive for supplying factors of production; land, labor, or capital
Standard of living
Level of economic prosperity
Cooperative
Business organization owned an operated by a group of individuals for their mutual benefits
