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BE 2.03 Economic Sys
Economic Systems
| 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 government 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 |
| consumer goods | tangible items produced for personal use |
| consumer | people who use goods and services to satisfy their wants |
| demand | the quaintly of a good's or service that buyers are ready to but at given price at a particular time |
| distribution | the process or activity by which income is divided among resource owners and producers |
| economic systems | the organized way in which a country handles it economic decisions and solves it economic problems |
| economic vote | term used to describe consumer approval of products expressed by the purchase of products |
| financial capital | money needed o 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 marketplace |
| market | arrangements for the buying and selling of goods and services |
| means of production | all the resources required om the production of goods and services |
| medium of exchange | something of value that an be used to obtain goods and services most common form is money |
| mixed economy | an economic system in which elements of market and socialist command economies are 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 serices |
| profit | monetary reward a business owners receives for taking the risk involved in investing in a business income left once all expenses are paid |
| quots | 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 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 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 wheat they must have to exist all economic decision 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 |
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Eli_davis
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