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5.02 vocab

economic systems

TermDefinition
Economic System The organized way in which a country handles its economic decisions and problems
Traditional Economic Systems An economic system in which people produce only what they must have in order to exist
Command Economic Systems An economic system in which all or many of the means of production and distribution are owned and controlled by the government
Communism A command economic systems in which the government controls the economic systems and does not allow private ownership
Socialism A modified command economic systems in which government owns the basic means of production and allows private ownership of business as well
Market Economic System Private ownership of property/resources profit motive (chance to make money)
Private Enterprise An economic systems in which individuals and groups; rather than government own or controls the means of production
Business Risk The possibility of loss (failure) or gain (success) inherent in conducting business
Economic Risk Risk that result from changes in overall business conditions
Natural Risk Perils resulting from environmental causes
Human Risk Perils caused by human errors as well as the unpredictability of customers, employees
Speculative Risk chances of loss that may result in loss, no change, or gain
Guarantees A promise made to the consumer that a product's purchase price will be refunded if the product is not satisfactory
Warranties A promise made by the seller to the customer that the seller will repair or replace a product that does not perform as expected
Economic system The organized way in which a country handles its economic decisions and solves its economic problems.
traditional economic system An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition.
command economic system An economic system in which all or many of the means of production and distribution are owned and controlled by the government
communism A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution
socialism A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well
market economic system is an economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's individual citizens and businesses
. private enterprise An economic system in which individuals and groups, rather than government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services.
Created by: KSkrew7