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5.02 vocab

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TermDefinition
economic system The organized way in which a country handles its economic decisions and solves its economic problems.
traditional economic system An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
command economic system An economic system in which all or many of the means of production and distribution are owned and controlled by the government.
communism A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
socialism A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well.
market economic system An economy in which decisions regarding investment, production, and distribution are based on market determined supply and demand, and prices of goods and services are determined in a free price system.
private enterprise An economic system in which individuals and groups, rather than government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services
Business Risk The possibility of loss (failure) or gain (success) inherent in conducting business
Economic Risk Risks that result from changes in overall business conditions.
Natural Risk Perils resulting from environmental causes.
Human Risks Perils caused by human errors as well as the unpredictability of customers, employees, or the work environment.
Pure Risks The possibility of loss to a business without any possibility of gain.
Speculative Risks Chances of loss that may result in loss, no change, or gain.
Guarantees A promise made to the consumer that a product’s purchase price will be refunded if the product is not satisfactory
Warranties A promise made by the seller to the customer that the seller will repair or replace a product that does not perform as expected.
Competition The rivalry among two or more businesses to attract scarce customer dollars
Monopoly A type of market structure in which a market is controlled by one supplier, and there are no substitute goods or services readily available.
Created by: francesada
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