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ECONOMICTERMS 2nd20

ECONOMICTERMS 2nd20 95%

QuestionAnswer
21. NEED A BASIC REQUIREMENT FOR SURVIVAL
22. GOOD A TANGIBLE COMMODITY SUCH AS A BOOK OR CAR
23. CONSUMER GOOD A GOOD INTENDED FOR FINAL USE BY A CONSUMER
24. CAPITAL GOOD A GOOD USED TO MAKE OTHER GOODS(OVEN IN A BAKERY)
25. DURABLE GOOD LAST THREE YEARS OR MORE WHEN USED REGULARLY
26. NON-DURABLE GOOD LAST LESS THAN THREE YEARS WITH REGULAR USE
27. SPECIALIZATION PEOPLE DO WHATEVER TASK THEY ARE ABLE TO DO BEST
28. DIVISION OF LABOR WORKERS PERFORM FEWER TASK MORE FREQUENTLY
29. FREE ENTERPRISE SYSTEM ONE IN WHICH CONSUMERS AND PRIVATE BUSINESS MAKE THE MAJORITY OF THE ECONOMIC DECISIONS(WHAT,FOR WHOM,HOW)
30. TRADITIONAL ECONOMY NEARLY ALL ECONOMIC ACTIVITY IS DONE BASED ON CUSTOM, RITUAL AND HABIT
31. COMMAND ECONOMY GOVERNMENT MAKES NEARLY ALL THE ECONOMIC DECISIONS
32. MARKET ECONOMY PEOPLE AND FIRMS ACT IN THEIR OWN BEST INTEREST
33. ECONOMIC QUESTIONS WHAT, HOW, FOR WHOM
34. CAPITALISM A SYSTEM IN WHICH PRIVATE CITIZENS OWN THE FACTORS OF PRODUCTION
35. PRIVATE PROPERTY THE IDEA THAT PEOPLE HAVE THE RIGHT TO CONTROL THEIR POSSESSIONS AS THEY WISH
36. PROFIT THE EXTENT TO WHICH A PERSON OR BUSINESS IS BETTER OFF AT THE END OF A PERIOD THAN AT THE BEGINNING
37. MIXED ECONOMY A COMBINATION OF COMMAND AND MARKET ECONOMIES, SOME GOVERNMENT DECISION MAKING, SOME PRIVATE OWNERSHIP OF RESOURCES
38. SOLE PROPRIETORSHIP A BUSINESS OWNED AND RUN BY ONE PERSON
39. PARTNERSHIP A BUSINESS THAT IS OWNED BY 2 OR MORE PEOPLE
40. CORPORATION A FORM OF BUSINESS ORGANIZATION THAT HAS ALL THE LEGAL RIGHTS OF AN INDIVIDUAL(CAN OWN PROPERTY, BE SUED, ENTER INTO CONTRACTS)
41. STOCK PIECES OF OWNERSHIP OF A FIRM
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