{"id":702,"date":"2019-02-21T16:41:46","date_gmt":"2019-02-21T21:41:46","guid":{"rendered":"http:\/\/iblog.dearbornschools.org\/biggars\/?p=702"},"modified":"2019-02-21T16:41:46","modified_gmt":"2019-02-21T21:41:46","slug":"economics-chapter-2-1-vocab","status":"publish","type":"post","link":"https:\/\/iblog.dearbornschools.org\/biggars\/2019\/02\/21\/economics-chapter-2-1-vocab\/","title":{"rendered":"Economics Chapter 2.1 Vocab"},"content":{"rendered":"<p><span style=\"text-decoration: underline;\"><strong>Econ Chapter 2.1 Vocab<\/strong><\/span><\/p>\n<p>1. Economic System: how a nation uses its resources to satisfy its people&#8217;s needs and wants.<\/p>\n<p>2. Society: a group of people in an area<\/p>\n<p>3. Traditional Economy: use of scarce resources are<\/p>\n<p>based on customs, ritual, or habits<\/p>\n<p>4. Advantages: something good\/positive\/helpful<\/p>\n<p>5. Disadvantage: bad\/negative\/hurts<\/p>\n<p>6. stagnation: not changing<\/p>\n<p>7. Command Economy: central authority (government) makes all major economic decisions<\/p>\n<p>8. restricts: stops<\/p>\n<p>9. bureaucracy: government does everything<\/p>\n<p>10. Market Economy: the people make their own decisions for their best interests<\/p>\n<p>11. Market: place where buyers and sellers exchange goods<\/p>\n<p>and services<\/p>\n<p>12. Capitalism: where citizens own the factors of<\/p>\n<p>production and decide their use (private businesses)<\/p>\n<p>13. inability: not able to do something<\/p>\n<p>14. competition: trying to make more money than others<\/p>\n<p>15. Mixed Economy: economy with a combination of<\/p>\n<p>traditional, command, and market economies<\/p>\n<p>16. Socialism: Mixed system where the government owns<\/p>\n<p>some factors of production and also provides for its<\/p>\n<p>people&#8217;s basic needs<\/p>\n<p>17. Communism: all production owned by the government<\/p>\n<p>18. strict: demanding<\/p>\n<p>19. collectively: working together<\/p>\n<p>20. inefficient: wasting time, failing to produce<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Econ Chapter 2.1 Vocab 1. Economic System: how a nation uses its resources to satisfy its people&#8217;s needs and wants. 2. Society: a group of people in an area 3. Traditional Economy: use of scarce resources are based on customs, ritual, or habits 4. Advantages: something good\/positive\/helpful 5. Disadvantage: bad\/negative\/hurts 6. stagnation: not changing 7. [&hellip;]<\/p>\n","protected":false},"author":2107,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[],"class_list":["post-702","post","type-post","status-publish","format-standard","hentry","category-econ"],"_links":{"self":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/users\/2107"}],"replies":[{"embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/comments?post=702"}],"version-history":[{"count":1,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/702\/revisions"}],"predecessor-version":[{"id":703,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/posts\/702\/revisions\/703"}],"wp:attachment":[{"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/media?parent=702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/categories?post=702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/iblog.dearbornschools.org\/biggars\/wp-json\/wp\/v2\/tags?post=702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}