2-1 answering the 3 economic questions

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