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2.02 economics

Objective 2.02

TermDefinition
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 control 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 goods and services to satisfy their wants
demand the quantity of a good or service that buyer are ready to buy at a given price at a particular time
distribution the process or activity by which income is divided among resource owner and producers
Created by: orlando.646
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