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Objective 1.01

Economic Systems

TermDefinition
Capital resources Goods and money used in the production of goods and services.
Command economy Economics system in which the government owns resources and dictates what is produced.
Competitors business that offers 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 goods and service are produced
Economics Study of the decisions made for production,distribution, and consumption of goods and service to satisfy needs and wants.
Entrepreneurial Resource The initiative to combine natural,human, and capital resources.
Free enterprise Economic system which freedom to consume and produce goods and service exists.
freedom of choice opportunity to make choices of goods and service 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 service.
Market Economy Goods and service are owned and controlled by the people.
market price the point where supply and demands are equal.
Marketplace Anywhere goods and services exchange hands.
Mixed economy combines elements of the commands and market economies
Natural resource Raw material supplied by nature.
needs necessities required for living.
opportunity cost value of the next-best alternative that is forgone to produce or obtain another product.
Created by: POB
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