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objective 1.01
economic systems
Term | Definition |
---|---|
Capital resource | goods and money used in the production of goods and services |
command economy | economies system in which the government owes resources and dictates what is produced |
competitors | business that offer the same goods to the same customers |
consumers | buys and uses the goods and services |
economic decision-making | process of choosing which needs or wants will be satisfied |
economic resources | means from which and services are produced |
economics | study of the decisions made for production |
entrepreneurial resourses | the initiative to combine natural, human, and capital resources. |
free enterprise | Economic system which freedom to consume and produce goods and services and services exist |
freedom of choice | opportunity to make choices of goods and services and accept consequences of decisions |
goods | Items purchased to satisfy needs and wants |
human resources | people using efforts ,knowledge, and skills at work to produce goods and services |
market economy |