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obj2.03
economic systems
| Term | Definition |
|---|---|
| Capital goods | Manufactured or constructed items that are used to produce goods and service |
| 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 or 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 satisfy their wants |
| Demand | The quantity of a good or service 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 resources owners and producers |
| Economic resources | The human and natural resources and capital goods used to produce goods and services also know as factors of production |
| 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 arrangement for making and enforcing laws |
| Human resources | People who work to produce goods and services |
| Human services program | 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 industrials users |
| Interdependent | influencing or replying upon one anther |
| 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 |
| Means of productions | All the resources required in the production of goods and service |
| Medium of exchanges | 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 of market and socialist command economies are combined |
| 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 |
| Productions | 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 a business income left once all expenses are paid |
| Quotas | specific goals to be met |
| Resources | Any item that is used to accomplish another activity such as producing providing goods and service |
| Scarcity | A condition resulting for 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 a 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 |
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