lessson 8 Flashcards
The system that society develops to satisfy needs and wants.
Economic institution
Chain of receiving, paying, and repaying of goods and services.
reciprocity
A redistribution of income or wealth in the market system made without goods or services being received in return.
transfers
A system of economic exchange involving the centralized collection of goods followed by redivision among members.
redistribution
Buyers and sellers transact economic goods and services.
market transactions
Buyer and seller interact to exchange goods for money.
purchases
Money advanced to a business with an interest charge that must be paid back.
loans
A type of loan created for homeownership.
mortgage
Refers to how government interventions/regulations affect the market system.
market and state
A market system characterized by many different buyers and sellers.
perfect competition
The exact opposite of perfect competition.
Monopoly
Similar in many ways to a monopoly.
oligopoly
A market system combining elements of a monopoly and perfect competition.
Monopolistic competition
An institution consisting of a set of rules for governance.
state
Private ownership of means of production.
capitalism
The state controls all or most of the means of production.
socialism
generaal welfare of the citizen is a basic duty and the ultimate en of a well ran politics and governance state
Welfare state
