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BE 2.03
Economic Systems
| Term | Definition |
|---|---|
| capital goods | Manufactured or constructed items that are used to produce goods and services |
| Central planning | Detailed economic processes and goals developed by government: 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 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 scare customer dollars |
| consumer goods | Tangible items produced for personal use |
| consumers | people who use goods and services to satisfy 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 income 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 system | the organized way in which a country handles its economic decisions and solves its economic problems |
| economic vote | term used to describe consumer approval or products expressed by the purchase of products |
| financial capital | money needed to operate a business |
| government | a country arrangement for making and enforcing laws |
| human resources | people who work to produce goods and services |
| human services programs | benefits such as free medical care, education, and financial assistance that are provided by a government to its citizens |
| 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 questions of what, how, and for whom products will be produced are answered by individuals and businesses in the marketplace |
| markets | arrangements for the 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 resiurces | 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 a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid |
| quotas | specific goals to be met |
| resource | any item that is used to accomplish another activity, such as producing/providing goods and services |
| scarcity | a condition resulting from the gap between limited resources and unlimited wants for goods and services |
| socialism | a command economic system in which the government owns some basic means of production and allows private ownership of business as well |
| subsistence | 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 |
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