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5.02 vocab
economic systems
| Term | Definition |
|---|---|
| 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
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