SOC SCI COMP 5 Flashcards
1
Q
traditional economic system
A
traditions customs shape goods and services produced
2
Q
command
A
based on government determination
3
Q
centralized control
A
centralized power
4
Q
market economic system
A
supply and demand, free price system
5
Q
capitalism
A
economic freedom, consumer choice, eco growth
6
Q
socialism
A
owned by community as whole
7
Q
mixed
A
cap and soc
8
Q
monopoly
A
quality down, prices up
9
Q
industrial rev
A
textiles
10
Q
APR over a year,
A
quarterly is best option
11
Q
opportunity costs
A
loss of potential gain from other alternatives when one alternative is chosen.
12
Q
embargo
A
ban on trade
13
Q
eminent domain
A
right of a govt to expropriate private prop for public use with payment of compensation
14
Q
caveat emptor
A
buyer is responsible for checking quality before purchaseR
15
Q
recession
A
fall in GDP
