Week 2 Vocabulary Review

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Item that is provided by the government for everyone regardless of their ability to pay for it.

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Idea that firms will produce the most goods and services possible with their current level of resources.

Economic system in which central planners make all decisions. Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Economic system in which central planners make all decisions.

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Consumers and firms concentrating on producing one particular or a limited number of goods and services.

To minimize fluctuations in the overall economy Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good To minimize fluctuations in the overall economy

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Idea that consumers have the right or opportunity to make their own choices.

Idea that all resources and goods and services are shared fairly. Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Idea that all resources and goods and services are shared fairly.

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Idea that you will always have income to live on and you will be protected from risk

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Idea that all there should be steady long term increases in production.

Command system Market system Economic freedom Economic equity Economic security Economic growth Economic efficiency Economic stability Specialization Public good Economic system in which the people (consumers and producers) make all decisions.