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economic terms and c

QuestionAnswer
Need A basic requirement for survivial
Good A tangible commidity 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(oven in a bakery)
Durable good Last three years or more when used regularly
Non-durable good Last less than three years with regular use
Specialization PEOPLE DO WHATEVER TASK THEY ARE ABLE TO DO BEST
DIVISION OF LABOR WORKERS PERFORM FEWER TASK MORE FREQUENTLY
FREE ENTERPRISE SYSTEM ONE IN WHICH CONSUMERS AND PRIVATE BUSINESS MAKE THE MAJORITY OF THE ECONOMIC DECISIONS(WHAT,FOR WHOM,HOW)
TRADITIONAL ECONOMY NEARLY ALL ECONOMIC ACTIVITY IS DONE BASED ON CUSTOM, RITUAL AND HABIT
COMMAND ECONOMY GOVERNMENT MAKES NEARLY ALL THE ECONOMIC DECISIONS
MARKET ECONOMY PEOPLE AND FIRMS ACT IN THEIR OWN BEST INTEREST
ECONOMIC QUESTIONS WHAT, HOW, FOR WHOM
CAPITALISM A SYSTEM IN WHICH PRIVATE 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 TO WHICH A PERSON OR BUSINESS IS BETTER OFF AT THE END OF A PERIOD THAN AT THE BEGINNING
MIXED ECONOMY A COMBINATION OF COMMAND AND MARKET ECONOMIES, SOME GOVERNMENT DECSION MAKING, SOME PRIVATE OWNERSHIP OF RESOURCES
SOLE PROPRIETORSHIP A BUSINESS OWNED AND RUN BY ONE PERSON
PARTNERSHIP A BUSINESS THAT IS OWNED BY 2 OR MORE PEOPLE
CORPORATION A FORM OF BUSINESS ORGANIZATION THAT HAS ALL THE LEGAL RIGHTS OF AN INDIVIDUAL(CAN OWN PROPERTY, BE SUED, ENTER INTO CONTRACTS)
Created by: avila_
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