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2.02 Economic System
Business Essentials
| 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 in which all or many of the means of production and disruption are owned and controlled by government. |
| Communism | A command economic system in which the government controls the economic system and dose 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 |
| Consumer | People who use goods and services to satisfy their wants |
| Demand | The quantity of good or services to satisfy their wants |
| Distribution | The process or activity by which income is divided among resources owners and producers |
| Economic resources | The human and natural resources and capital goods used to produce goods and services; also known factors of production |
| Economic system | The organized way in which income id divided among resource owner and producers |
| Economic vote | Term used described 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 good and services |
| Human services programs | Benefits such as free medical care, education, and financial assistant that are provided by government to its citizen |
| 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 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 |
| Mean 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 of money |
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