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Econ #2

QuestionAnswer
Need A basic requirement for survival
Good A tangible commodity such as a book or car
Consumer good A good intended for final use by a consumer
Capital good A good used to make other goods
Durable good Lasts three or more years when used regularly
Non-durable good Lasts less than three years or less with regular use
Specialization People do what they do best
Division of labor Workers perform fewer tasks more frequently
Free enterprise system The consumer and company make most of the economic decisions
Traditional economy Nearly all economic decisions are based on ritual and habit
Command economy Government makes majority of economic decisions
Market economy People and firms act in their own best interest
Economic Questions What, how, for whom
Capitalism A system in which citizens own the factors of production
Private property The idea that people have the right to control their possessions as they wish
Profit The extent of which you have made or lost money
Mixed economy A combination of command and market economies
Sole proprietorship A business owned and run by one person
Partnership A business owned by two or more people
Corporation A form of business organization that has all the legal rights of the individual
Created by: JacobmSmithLCHS