Key Terms Chapter 2

The key terms from all 4 sections of chapter 2 should be defined in your spirals.

economic system, factor payments, patriotism, safety net, standard of living, traditional economy, market economy, centrally planned economy (command economy), mixed economy, market, specialization, household, firm, factor market, profit, product market, self-interest, incentive, competition, invisible hand, consumer sovereignty, socialism, communism, authoritarian, collective, heavy industry, laissez faire, private property, free enterprise, continuum, transition, privatize