ch 2 – Flashcard
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economic system
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the method used by a society to produce and distribute goods and services
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def of :traditional economy
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relies on habit, custom, or ritual to decide what to produce, how to produce it, and to whom to distribute it.
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market economy
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decisions are made by individuals and are based on exchange or trade. also called free markets or capitalism
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centrally planned economy
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the central government alone decides how to answer all three key economic questions. also called command economies
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modern economies (mixed economies)
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a combination of traditional, market and centrally planned economies.
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number one economic goal for a traditional economy
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economic security and predictability
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two top economic goals for centrally planned economy
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economic equity economic security and predictability (if these two apply than economic growth and innovation)
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two top economic goals for free market
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economic freedom economic growth and innovation
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Adam Smith
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Scottish philosopher who published a book titled "The Wealth of Nations" in 1776 wehre de described how the market functioned.
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Adam Smith believed what?
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that self-interest is the motivating force in the free market.
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competition
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the struggle among producers for the dollars of consumers.
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the invisible hand of the market place
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Adam Smith created this for guiding a nation's resources to their most productive use.
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consumer sovereignty
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in a free market where producers hve incentives to meet consumer's desires. i.e. (consumers decide what is produced)
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laissez faire
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government keeps their hands off
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3 key economic systems
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1. what goods and services should be produced 2. how should these goods and services be produced 3. who consumes these goods and services
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efficiency
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not wasting resources
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freedom
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free from government intervention
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security
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assurances of goods and services, safety net
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equity
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fair distribution of wealth
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growth
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innovation leads to higher standard of living
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what are the 6 economic goals
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1. efficiency 2. freedom 3. security 4. equity 5. growth 6. other (environmental protection, health care, etc)
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what is an example of a traditional economy
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the amish
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details of a traditional economy
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work divided along gender lines small, close communities support entire group agricultural/ hunting practices stagnant, resist change; slow to adopt technology lack modern conveniences (low standard of living)
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details of a free market
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economic efficiency- producers make only what consumers want economic freedom- workers, firms and individuals all do what they want economic growth- entrepreneurs always seeking new opportunities
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problems with a centrally planned economy
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1. creates few high quality items; most are poor quality 2. non-priority goods and services are in short supply 3. no incentives for hard work 4. no reward for innovation (actually discouraged) 5. lacks flexibility to meet changing demands 6. sacrifice individual freedoms to pursue societal goals
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sin function
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y/r
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cos function
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x/r
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tan function
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y/x
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csc function
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r/y
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sec funciton
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r/x
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cot function
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x/y
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adjunct
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n) something added to something else as helpful or useful but not essential; an assistant or helper; a valuable quality or characteristic; adj) added or connected in a subordinate capacity; attached to a faculty or staff in an auxiliary capacity
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bellwether
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n) the male sheep that leads the flock to the slaughterhouse; a leader, as in a desperate or violent undertaking; an indicator of trends
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caterwaul
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v) to howl or screech like a cat; to quarrel; n) a harsh or noisy cry; a racket
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chimerical
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adj) absurd; wildly fantastic; impossible
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effete
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adj) lacking in wholesome vigor or energy; worn-out or exhausted; sterile or unable to produce; out of date
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fait accompli
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n) an accomplished and presumably irreversible deed, fact or action
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hidebound
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adj) narrow-minded and rigid, especially in opinions or prejudices; stubbornly and unthinkingly conservative
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hierarchy
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n) any system of things or people arranged or graded one above another in order of rank, wealth, class, etc
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liturgy
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n) a religious services or rite; the form of a ritual or other act of public worship
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mirage
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n) something illusory, without substance, or without a basis in reality; an illusion
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morass
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n) a patch of low, soft, wet ground; a swamp; a confusing situation in which one is entrapped, as in quicksand
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noisome
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adj) offensive or disgusting; a foul smelling; harmful or injurious
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oblivious
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adj) forgetful; unaware
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poltroon
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n) a base coward
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proselyte
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n) a convert; a disciple
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quasi
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adj) resembling but not actually being; seemingly but not actually or completely
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raillery
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n) good humored ridicule; teasing
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ribald
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adj) irreverently mocking; coarse, vulgar, or indecent in language
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supine
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adj) lying flat on one's back; listless or lethargic; apathetic or passive
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vignette
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n) a short description or sketch; a picture or illustration with edges that gradually shade off; a decorative design on the title page of a book or at the beginning or end of a chapter
