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objective 1.01

economic systems

TermDefinition
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
Created by: 1612880
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