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BE 2.03
EC-907
| Term | Definition |
|---|---|
| capital goods | Manufactured or constructed items that are used to produce goods and services |
| Central planning | Detailed economic processes and goals developed by government; usally associated with communist economies |
| Command economy | an economic system in which all or many of the means of production and disstribution 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 |
| Competition | The rivalry between two or more businesses to attract scarce customer sollars |
| Consumer goods | Tangible items produced for prsonal use |
| Consumers | People who use goods and services to satisfy their wants |
| Demand | The quantity of a good or serrvice that buyers are ready to buy at a given price at a particular time |
| Distributopn | the process or activity by which inome is divided among resource owners and producers |
| Economic resources | THe human and natural resources and capital goods used to produce goods and services : also known as factors of production |
| Economic system | The organized way in which a contry handle its economic decisions and solves its economic problems |
| Economic vote | Term used o describe consumer approval of products expressed by the purchase f products |
| Financial capital | Money needed to operate a business |
| Government | A contry's arrangement for making and enfforcing law |
| Human resources | People who work to produce goods and sesrvices |
| Human services Programs | Benifits sucha as free medical care, education, and financial assistance that are provided by a government to its citizens |
| Industrial good | Tangibla items that will be consumed by industrial users |
| Independent | Influencing ot relying upon one another |
| Market economy | An economic system in which the questions of wha , how, and for whom products will br produced arer answerd by individuals and businesses in the marketplace |
| Markets | Arrangments for the buying and selling of goods and services |
| Means of production | All th resources required in the production of goods and service |
| medium of exchange | Something of value that can be used to obtain goods and services; most commoon form is money |
| Mixed economy | An economic system in which elements of market and socialist command economies are combined |
| Natral resources | Items that are found in nature and used to producec goods and services |
| Producer | The people who make or peovide goods and services |
| Production | The economisprocess or activity of producing goods and services |
| Profit | Monetary reward a business oener receivess for taking the risk involved in investing in a business; Income left once all expenses are paid |
| Quotas | Specific goals to be met |
| Resources | Any item that is used to accomplish another activity, 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 economics system in which government owns some basic means of production and allows private ownership of business as well |
| Subsistence | Existence at alevel that barely supports life |
| supply | The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period |
| Trditional economy | An economic system in which people produce only what htey must have to sxist; all economic decisions are based on habit and tradition |
| Welfare state | A government that provides mutiple socila programs such as free helalth care and education to its citizens |
Created by:
trinity.l382
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