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2.02 Part 3 Economic
Objective 2.02
| 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 ,usually associated with communist economies |
| command economy | an economic system which all or many of the means 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 scarce customer dollars |
| consumer goods | tangible items produced for personal use |
| consumers | people who use good and services to satisfy their wants |
| demand | the process or activity by which income is divided among resource owners and producers |
| Distribution | the quality by which income is divided among recourse owners and producers |
| 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 arrangements for making and enforcing laws |
| human resource | 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 consumes by indusial users |
| interdependent | influencing or relying upon on another |
| market economy | and economic 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 requires 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 or market of market and socialist command economies and combines |
| 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 |
| profit | monoaryl rewards a business owner receives for taking the risk involved in investing in a business ; income left once all expensive are paid |
| Quotas | specific goals to be met |
| resource | 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 resource 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 barely supports life |
| supply | the quantity of a good service that sellers are able and willing to offer for sale at a specified price in a given time |
| Traditional economy | and 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 program such as free health care and education to its citizens |
Created by:
diana.d435
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