Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

2.03 EC-907

ECONOMIC SYSTEM

QuestionAnswer
CAPITAL GOODS Manufactured or constructed items that are used to produce goods and services.
CENTRAL PLANNING Detailed economic processes and goals developed 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 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 scare 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.
DISTRIBUTION The process or activity by which income is divided among resource owners and particular time.
ECONOMIC RESOURCE 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 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 SERVICES PROGRAMS Benefits such as free medical care, education, and financial assistance that are provided by a government to its citizens.
INDUSTRIAL GOODS Tangible items that will be consumed by industrial users.
INTERDEPENDENT Influencing or relying upon one another.
MARKET ECONOMEY An economic system in which the question 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 from is money.
MIXED ECONOMY An economic system in which elements of market and socialist command economies are combined
NATURAL RESOURCES Items that are found in nature and used to produce goods and services.
PRODUCERS The economic process or activity of producing goods and services.
PRODUCTION The economic process or activity of producing goods and services.
PROFIT Monetary reward a business owner receives for taking the risk involved in investing in a business income let once all expenses are paid.
QUOTAS Specific goals to be met
RESOURCES Any item that 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.
SOCIALIAM A command economic system in which government owns some basic means of production and allows private ownership of business as well.
SUBSISTENCE Existence at level 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.
TRADICIONAL 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: christopher.f168
Popular Management sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards