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ECONOMIC SYSTEMS
TERMS
| Term | Definition |
|---|---|
| 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 |
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WIMS
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