Question 1

Capital goods:

Accepted Answer

Manufactured or constructed items that are used to produce goods and services.

Question 2

Central planning:

Accepted Answer

Delailed rconomic processes and goals developed by government; usually associated with communist economies.

Question 3

Command economy:

Accepted Answer

An economic system in which all or many of the means of production and distribution are owned and controlled by the government.

Question 4

Communism:

Accepted Answer

A command economic system in which the goverment controls the economic system and does not allow private ownership of the means of production and distribution.

Question 5

Competition:

Accepted Answer

The rivalry between two or more businesses to attract scarce customer dollars

Question 6

Consumer goods:

Accepted Answer

Tangible items produced for personal use .

Question 7

Consumers:

Accepted Answer

People who use goods and services to satisfy their wants.

Question 8

Demand:

Accepted Answer

The guantity of a good or service that buyers are ready to buy at a given price at a particular time.

Question 9

Distribution:

Accepted Answer

The process or activity by which income is divided among resource owners and producers

Question 10

Economic resources:

Accepted Answer

The human and natural resources and capital goods used to produce goods and service; also known as  factors of production.

Question 11

Economic system:

Accepted Answer

The organized way in which a country handles its economic decisions and solves its economic decisions and solves its economic problems.

Question 12

Economic vote:

Accepted Answer

Term used to describe consumer approval of products expressed by the purchase of products.

Question 13

Financial capital:

Accepted Answer

Money needed to operate a business.

Question 14

Government:

Accepted Answer

A countrys arrangement for making and enforcing laws
.

Question 15

Human resources:

Accepted Answer

People who work to produce goods and services.

Question 16

Human services programs:

Accepted Answer

Benefits such as fee medical care, education, and financial assistance that are provided by a government to its citizens.

Question 17

Industrial goods:

Accepted Answer

Tangible items that will be consumed by industrial users .

Question 18

Interdependent:

Accepted Answer

Influencing or relying upon one another.

Question 19

Market economy:

Accepted Answer

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.

Question 20

Markets:

Accepted Answer

Arrangements for the buying and selling of goods and services.

Question 21

Means of production:

Accepted Answer

All the resources required in the production of goods and services.

Question 22

Medium of exchange:

Accepted Answer

Something of value that can be used to obtain goods and service; most  common form is money.

Question 23

Mixed economy:

Accepted Answer

An economic system in which elements of market and socialist command economies are combined.

Question 24

Natural resources:

Accepted Answer

Items that are found in nature and used to produce goods and services.

Question 25

Producers:

Accepted Answer

The peole who or provide goods and services.

Question 26

Production:

Accepted Answer

The economic process or activity of producing goods and services

Question 27

Profit:

Accepted Answer

Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid .

Question 28

Quotas:

Accepted Answer

Specific goals to be met.

Question 29

Resource:

Accepted Answer

Any item that is used to accomplish another activity, such as producing/ providing goods and services.

Question 30

Scarcity:

Accepted Answer

A condition resulting from the gap between limited resources and unlimited wants for goods and services.

Question 31

Socialism:

Accepted Answer

A command economic system in which government owns some basic means of production and allows private ownership of busines as well .

Question 32

Subsistence:

Accepted Answer

Existence at a level that barely supports life.

Question 33

Supply:

Accepted Answer

The quantity of a good or serivice that sellers are able and willing to offer for sale at a specified price in given time period.

Question 34

Traditional economy:

Accepted Answer

An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition.

Question 35

Welfare state:

Accepted Answer

A government that provides multiple social programs such as free  health care and education to its citizens.

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BE 2.03 Economic Sy