economic systems
the method used by a society to produce and distribute goods and services
factor payments
the income people receive for supplying factors of production, such as land, labor, or capital
patriotism
Love of one's country; the passion that aims to serve one's country, either in defending it from invasion, or in protecting its rights and maintaining its laws and institutions in vigor and purity.
safety net
government programs that protect people experiencing unfavorable economic conditions
standard of living
a level of material comfort in terms of goods and services available to someone
traditional economy
economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services
market economy
an economy that relies chiefly on market forces to allocate goods and resources and to determine prices
centrally planned economy
economic system in which the central government makes all decisions on the production and consumption of goods and services
command economy
An economic system in which the government controls a country's economy.
mixed economy
an economy in which private enterprise exists in combination with a considerable amount of government regulation and promotion