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BE 2.03

EC-907

TermDefinition
Capital Goods Manufactured or constructed items that are used to produce goods and services
Central Planning Detailed economic processes and goals develop by government; usually associated with communist economies
Command Economy An economic system in which all or many of the means of production and distribution are owned and controlled by 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
Competition The rivalry between two or more businesses to attract scarce customers dollars
Consumer Goods Tangible items produced for personal use
Demand The quality of a good or service that buyers are ready to buy at a given price at a particular time
Distribution The process or activity by which income is divided among resource owners and producers
Economic Resources The human and natural and capital goods used to produce goods and services; also known as factors of production
Economic System The organized way in which a country handles its economic decisions and solves its economic problems
Economic Vote Term used to describe consumer approval of products expressed by the purchase of products
Financial Capital Money needed to operate a business
Government A country's arrangement for making and enforcing laws
Human Resources People who work to produce goods and services
Human Service Programs Benefits such as free medical care, education, and financial assistance that provided by government to its citizens
Industrial Goods Tangible items that will be consumed by industrial users
Interdependent Influencing or relying upon one another
Market Economy An economic system in which the question of what how, and for whom products will be produces are the answered by individuals and businesses in the marketplace
Markets Arrangements for the buying and selling of goods and services
Means of production All resources required in the production of goods and services
Medium of exchange Something of value that can be used to obtain goods and services ; most common form is money
Mixed Economy An economic system in which elements of markets and socialist command economic are combined
Natural Resources Items that are found in nature and used to produce goods and services
Producers The people who make or provide goods and services
Production The economic process or activity of producing goods and services
Profits Monetary rewards a business owner receives for taking the risk involved in investing in a business; income left once all expenses are
Quotas Specific goals to be met
Resources Any items that is used to accomplish another, such as producing/ providing goods and services
Scarcity A condition resulting from the gap between limited resources and unlimited wants for goods and services
Socialism A command economic system in which government owns some basic means of production and allows private ownership of business as well
Subsistence Existence at a level that barley supports life
Supply The quantity of a good or service that sellers are able and willing to offer for sales at a specified price in given time period
Traditional Economy An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition
Welfare State A government that provides multiple social programs such as free health care and education to its citizens
Created by: Kenron.m201
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