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BE 2.03 economic sys
Economic system
| Term | Definition |
|---|---|
| Capitial goods | Manufactured or constructed items that used to produce goods and services |
| Central planning | Detailed economic processes and goals developed by government; usually associated with communist economices |
| 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 satify 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 incomes 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 systems | The organzied 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 |
| Fiancial captial | Money needed to operate business |
| Government | A country's arrangement for making and enforcing laws |
| Human resources | People who work to produce goods service |
| Human services programs | Benefits such as free medical care, education, and finanicial assistance that are provided by a government to its citizens |
| Industrial goods | Tangible items that will be consumed by industrial users |
| Interdependent | Influening 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 they 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 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 |
| Production | The economic process or activty of producing goods services |
| Profit | Monetray reward a busniess owner recives for taking the risk involved in investing in a busniess; income left once all expenses are paid |
| Quotas | specific goals to be met |
| Resource | Any item that is used to accompish aother 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 services |
| Socialism | A command economic system in which government owns some basic means of production and allows private ownership of business as well |
| Substistence | 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 systemn in which people produce only what they must have to exist; all economic decisions are based on havit and traditon |
| Welfare state | A government that provides multiple social programs such as free health care and education to its citizens |
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