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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 Businesses that offer the same goods to the same customers.
Consumer 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 services are produced.
Economics Study of the decisions made for production, distribution, and consumption of goods and services to satisfy needs and wants.
Entrepreneurial resources The initiative to combine natural, human, and capital resources.
Free enterprise Economic system which freedom to consume and produce goods 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 Goods and services are owned and controlled by the people.
Market price The point where supply and demand are equal.
Marketplace Anywhere goods and services exchange hands.
Mixed economy Combines elements of the command and market economies.
Natural resources Raw materials 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.
Private property Right to purchase, use, and discard of things of value.
Producers Individuals and organizations that determine which goods and services will be available for consumption.
Profit Money left after selling goods and services and costs of operating a business have been paid.
Scarcity Condition that exists when wants or needs exceed resources available.
Services Activities that can be consumed at the same time of purchase to satisfy wants and needs.
Tradeoff Process of giving up something for gaining something else.
Traditional economy Economic system in which decisions are based upon customs and centered on family.
Wants Goods that are purchased to add comforts and pleasure to life.
Created by: 1618569
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