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Objective 101
Economic systems
| Term | Definition |
|---|---|
| Capital resources | goods and money used in the production of goods and services |
| Command and economy | economic systems in which the government owns resources and dictates what is produced |
| competitors | businesses that offer the 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,consumption of goods and services to satisfy |
| entrepreneurial resources | the initiative to combine natural, human, and capital |
| free enterprise | economic system which freedom to consume and produce goods |
| 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 were supply and demand is equal |
| marketplace | anywhere goods and services exchange hands |
| mixed economy | combines elements of the command and market economies |
| natrual resources | raw materials supplied by nature |
| needs | necessities required for living |
| opportunity cost | value if 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 consumptions |
| 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 time of purchase to satisfy needs and wants |
| tradeoff | process of giving up something for gaining something else |
| traditional economy | economic system in which decisions are based on customs and centered on family |
| wants | goods that are purchased to add comfort or pleasure to life |
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