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Learn vocabulary, terms, and more with flashcards, games, and other study tools. the method used by a society to produce and distribute goods and services, the income people receive for supplying factors of production, such as land, labor or capital, the love of ones country; the passion that inspires a person to serve his/her country, government programs that protect people experiencing unfavorable economic conditons, economic system that relies on habit, custom, or ritual to decide questions of production and consumption of goods and services, economic in which decisions on production and consumption of goods and services are based on volentary exchange in markets, economic system in which the central government makes all the decisions on the production and consumption of goods and services, economic system in which a central authority is in command of the economy; a centrally planned economy, market-based economic system with limited government involvement, an arrangement which allows buyers and sellers to exchange things, the concentration of the productive efforts of individuals and firms on a limited number of activities, a person or group of people living in the same residence, an organization that uses resources to produce a product, which it then sells, market in which firms purchase the factors of production from households, a market in which households purchase goods and services that the firm provides, an expecation that encourages people to behave in a certain way, the struggle among producers for the dollars of consumers, term economists use to describe the self-regulating nature of the marketplace, the power of consumers to decide what gets produced, a social and political philosophy based on the belief that democratic means should be used to evenly ditribute wealth throughout a society, a political system characterized by a centrally planned economy with all economic and political power resting in the hands of a central government, requiring strict obedience to an authority, such as a dictator, large farm leased from the state to groups of peasant farmers, industry that requires a large capital investment and that produces items used in other industries, the doctrine that states that government generally should not intervene in the marketplace, property owned by individuals or companies, not by the government or the people as a whole, an economic system characterized by private or corporate ownership of capital goods; investments that are determined by private decisions rather than by state control' and determined in a free market, a period of change in which an economy moves away from a centrally planned economy towards a market-based system. 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