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EC-907
2.03
| Term | Definition |
|---|---|
| capital goods | manufactured or constructed items that are used to produce goods and services |
| Central planning | Detailed economics processes and goals developed by government usually associated with communist economics |
| Command economy | Detailed process and goals developed by government; usually associated with communist's economics |
| Communism | A command economic system in which the government controls the economic system and does not allow private of the means of production and distribution |
| Competition | The rivalry between two or more businesses to attract scarce customer dollars |
| Consumer goods | tangible items produced for personal use |
| Consumers | people who use goods and services to satisfy their wants |
| Demand | The quantity of a good or service that buyers are ready to buy at a given price at a particular time |
| Distrobution | The process or activity by which income is divided among recourse owners and producers |
| Economic recourses | The human and natural recourses 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 arrangements for making and enforcing laws |
| Human recourses | people who work to produce goods and services |
| Human recourses programs | benefits such as free Medicare, education, and financial assistance that are provided by a government |
| Industrial Goods | Tangible items that will be consumed by industrial users |
| Interdependent | Influencing or relying on one another |
| Market economy | An economy system in which the questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace |
| Markets | Arrangements for the buying and selling of goods and services |
| Means of production | All the 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 market and socialist command economies are combined |
| Natural Recourses | Items that are found in nature and use 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 |
| Profit | Monetary reward a business |
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nadia.p419
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