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Economic Systems
2.03
| Term | Definition |
|---|---|
| Capital Goods | Manufactured of contructed items that are used to produce goods and services |
| Central planning | Deatiled economic processes and goals developed by government; usually associated with communist economies |
| Command Economy | An economic system where the government owns and controls most or all production and distribution. |
| Communism | A system where the government controls the economy and does not allow private ownership of production or distribution. |
| Competition | the rivalry between businesses to attract customers and earn money. |
| Consumer goods | Physical products made for people to use personally. |
| Consumers | People who use goods and services to satisfy their wants. |
| Demand | The amount of a product or service buyers are willing to buy at a certain price and time. |
| Distribution | The process of dividing income among resource owners and producers |
| Economic resources | Human and natural resources and capital goods used to produce goods and services. |
| Economic system | The organized way a country makes economic decisions and solves economic problems. |
| Economic vote | Consumer approval of products shown by purchasing them. |
| Financial capital | Money needed to start or run a business. |
| Government | The system a country uses to make and enforce laws. |
| Human resources | People who work to produce goods and services. |
| Human services program | Government benefits like free healthcare, education, or financial help for citizens. |
| Industrial goods | Physical products used by industries to produce other goods. |
| Interdependent | Relying on or influencing one another. |
| Market economy | An economic system where individuals and businesses decide what, how, and for whom goods are produced. |
| Markets | Places or systems where goods and services are bought and sold. |
| Means of production | All resources needed to produce goods and services. |
| Medium of exchange | Something valuable used to trade for goods and services, usually 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 activity of producing goods and services |
| Profit | Monetary reward, her business owner receives for taking the risk involved in investing a business income left once all expenses are paid |
| Quotas | Specific goals to be met |
| Resource | Any item that is used to accomplish in other activities, such as producing providing goods and services |
| Scarcity | Air condition, resulting from the gap between limited resources and unlimited wants for goods and services |
| Socialism | A command economic system, in which government on some basic means of production, and allows private ownership of business as well |
| Subsistence | Existent 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 | And economic system, in which people produce only what they must have to exist. All economic decisions are based on the habit in tradition. |
| Welfare state | A government that provides multiple social programs, such as free, healthcare, and education to it citizens |
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