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objective101
economic systems
| Term | Definition |
|---|---|
| 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 the 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 exists |
| freedom of choice | opportunity to make choices of goods and services and accept consequences of decesions |
| goods | item purchased to satisfy needs and wants |
| human resources | people using efforts, knowledge, 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 |
| market place | 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 consequences |
| profit | money left after selling goods and services and costs of opening 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 or gaining something else |
| traditional economy | economic system in which decisions are based on customers and centered on family |
| wants | goods that are purchased to add comfort or pleasure to life |
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