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ECONOMIC SYSTEMS

TERMS

TermDefinition
mixed economy a combination of market, command and traditional economies
Command economy production and distribution of goods and services are controlled by the government and industry is mostly publicly owned; communist and socialist tendencies
Socialism the government owns or controls key industries (electricity, factories, etc.) Government regulation of businesses and enforces regulations to protect people
Communism the government owns or controls all industry and businesses
traditional economy defined by three characteristics: (1) based on agriculture, fishing, hunting, gathering or some combination of the above (2) guided by traditions (3) may use barter instead of money
Economy the wealth and resources of a country or region, especially in terms of the production and consumption of goods and services
Entrepreneur Someone who organizes a business and takes on greater-than-normal financial risk in order to do so
Labor Physical or mental work
Economic System A set of rules that a country uses to decide what goods and services to produce, how to produce the goods and services and who will consume the goods and services
market economy (free enterprise free economy, free market) production, distribution, and exchange is controlled by individuals and privately owned corporations rather than by the government
Regulation a law, rule, made by the government, to control conduct
Barter to trade by exchange of goods and services rather than by the use of money
Capital any form of wealth that can be used to produce more wealth
Currency something that is used as a medium of exchange; money
Supply/demand supply is how much of something is available. Demand is a person's desire for a product or service
Goods Objects we use
Services An act done for someone
Finished product goods that have completed the manufacturing process
Scarcity Shortness of supply
Consume to use or use up
Produce to make or manufacture
Natural resource/raw material naturally occurring materials that can be used by man
Created by: WIMS
 

 



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