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2.03 Economic System

Economic Systems

TermDefinition
Capital goods Manufactured or constructed item 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 scarce customer dollars.
Consumer goods Tangible items produced for personal use.
Consumers People who use goods and services to to satisfy their wants.
Demand The quantity of goods and services 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 producers.
Economic resources 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 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 service 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 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 market.
Markets Arrangements for 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 serviced; most common form is money.
Mixed economy An economic system in which elements of markets and socialist command economies are combined.
Natural resources Items that are found in nature and are 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 Monetary reward a business owner receives for taking the risk involved in investing in business; income left once all expenses 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 resources and unlimited wants for a goods and service.
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.
Suppy 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.
Traditional 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: user-1964959
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