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Economic Systems

Business Essentials

TermDefinition
Capital Goods Manufactured or constructed items that are used to produce goods and services
Central planning Detailed economic processes and goals developed by goverment; usually associated with communist economies
Command Economy An economic system in which all or many of the means of production and distribution are owned and controlled by the goverment.
Communism A command economic system in which the goverment controls the economic system and doe snot allow private ownership of the means of podcution and distribution
Competiton The rivalrybetween 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 quanity of a good or a service that buyers are ready to buy at a given price at a paticular time
Distribution Thge processor activity by which income is divided among resource ownders and producers
Economic resources The human and natrual resources and capital goods used to produce goods and services; also known as factors of prodcution
Economic systems The organized way in which a country handles its economic decisions and solves its economic producers
Economic vote Term used to describe consumer approval of products expressed by the pruchase of products
Financial capital Money needed to operate a business
Goverment A country's arrangement for making for making and enforcing laws
Human resources People who work to produce goods and services
Human services programs Benefits such as a free medical care, eductaion, and finacial assistance that are provided by a goverment to its citizens
Industrial goods Tangible items that will be consumed
Created by: user-1964947
 

 



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