Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
BE 2.03 Economic Sys
Economic Systems
| Term | Definition |
|---|---|
| Capital goods | goods that are used in producing other goods, rather than being bought by consumers. |
| Central planning | an economic system where a central authority, usually the government, makes all major economic decisions, including what to produce, how much to produce, and how to distribute goods and services |
| Command economy | an economy in which production, investment, prices, and incomes are determined centrally by a government. |
| communism | economic ideology that aims to create a classless society in which the major means of production are communally owned and controlled |
| competition | the person or people with whom one is competing, especially in a commercial |
| consumer goods | Tangible items produced for personal use |
| consumers | People who use goods and services to satisfy their wants |
| Demand | an insistent and peremptory request, made as if by right. |
| Distribution | the action or process of supplying goods to stores and other businesses that sell to consumers. |
| Economic resources | are the inputs used to produce goods and services, consisting of four main types: land (natural resources), labor (human effort), capital (man-made goods), and entrepreneurship (the ability to combine other resources). |
| Economic system | a society's method for managing the production, distribution, and consumption of goods and services, answering fundamental questions of what, how, and for whom to produce using scarce resources. |
| Economic vote | When something is bought you cast a vote to show that this product is wanted to be produced more or less |
| Financial capital | Money needed to operate a buisness |
| Government | A countrys arrangement for making and enforcing laws |
| Human resources | People who work to produce goods and services |
| Human services Programs | financial aid, nutrition assistance (like Food Stamps/FNS), housing, healthcare (Medicaid), child care, and family support services |
| 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 production and distribution of goods and services are driven by private individuals or buisnesses. |
| Markets | location where buyers and sellers interact to exchange goods, services, or assets. Prices in a market are determined by the fundamental economic forces of supply and demand. |
| Means of production | the resources (like land, raw materials, machinery, and factories) and tools (like computer code or tools) used to produce economic goods and services |
| Medium of exchange | an item, such as money, that is widely accepted to facilitate the trade of goods and services, eliminating the need for barter and simplifying transactions |
| mixed economy | combines elements of both capitalism (free markets) and socialism (government control), balancing private enterprise with government intervention to provide public goods and address market failures |
| Natural resources | materials, substances, and other assets from nature that are not man-made but are used by living beings for survival and various human needs, including air, water, soil, minerals, fossil fuels, forests, plants, and animals |
| Producers | that manufactures products or provides services. |
| Production | the action of making or manufacturing from components or raw materials, or the process of being so manufactured. |
| Profit | a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something. |
| Quotas | a government-imposed limit on the quantity or value of a good that can be imported or exported during a specific period, or a target for a specific task, like sales or political representation |
| Resource | anything that is available and useful for fulfilling a need, supporting something, or achieving a goal. |
| Scarcity | the state of being scarce or in short supply; shortage. |
| Socialism | economic philosophy defined by social ownership of the means of production, as opposed to private ownership |
| Subsistence | he action or fact of maintaining or supporting oneself at a minimum level. |
| Supply | a stock of a resource from which a person or place can be provided with the necessary amount of that resource. |
| Traditional economy | an economic system that relies on customs, traditions, and beliefs to decide what, how, and for whom goods are produced, often using bartering instead of money and focusing on self-sufficiency through subsistence farming, hunting, and gathering |
| Welfare state | system whereby the government undertakes to protect the health and well-being of its citizens, especially those in financial or social need, by means of grants, pensions, and other benefits. |
Created by:
user-1964950
Popular Business sets