Patent
the legal right held by an inventor to make, use or sell his/her invention for a specific period of time
Public Works
Goods and services funded by the government
Factor Payment
income received when an individual sells or rents a factor of production
Traditional Economy
an economic system in which decisions about production and consumption are made according to how it has always been
Economic Growth
When an economy produces more and better goods and services that leads to an improved standard of living
Industrial Revolution
The rapid growth of market economies brought on by new inventions and manufacturing processes
Communism
A political and economic system where class structure should not exist and the government controls the factors of production
Contract
an agreement between two parties, which includes an exchange of compensation
Transfer Payments
money benefit payments made by the government to individual citizens or to households
Command Economy
in this type of economy the government is responsible for making the economic decisions about production and consumption
Free Enterprise
the private ownership of the means of production
Mixed Economy
an economy where decisions about production and consumption is shared between government and individuals
Copyright
The legal right held by an artist to distribute, reproduce, or display his/her work.
Laissez faire
the idea that government should stay out of economic decision making all together
economic freedom
the economic goal that pertains to people having the ability to make their own economic decisions
economic security
the economic goal that strives to provide the basic necessities for the less fortunate
economic efficiency
the economic goal that attempts to allocate resources so that the greatest number of consumers get what they want without waste
economic stability
the economic goal that attempts to insure that goods and services that people count on will be there when needed
economic equity
the economic goal that attempts to insure fair and just distribution of wealth
economic system
a society's way of coordinating the production and consumption of goods
firms
an organization that uses factors of production to make and sell goods or services
public goods
goods and services that markets do not always provide such as highways, water treatment, and sewer systems