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objective 101

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
competition businesses that offer the same goods to the same customers
consumes buys and uses the goods and services
economic decision marking process of choosing which need or wants will be satisfied
economic resources means from which goods and services are produce
economics study of the decision made from production, distribution, and consumption of goods and services to satisfy needs and whants
entrepreneurial resources the initiative to combine natural, human, and capital resources
free enterprise economic system which freedom to consume and produce goods and services exists
freedom of choice opportunity to make choices of goods and services and accept consequences of decions
goods items purchased to satisfy needs and wants
human resources people using efforts, knowledge, and kills at work to produce goods and services
market economy goods and services are owned and controlled by 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 if 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 cost of operating a business have been paid
Created by: 1704699
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