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BE 2.03 Economic S
Economic Systems
| Term | Definition |
|---|---|
| Capital good | 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 |
| 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 scarce customer dollars |
| Consumer goods | Tangible items produced for personal use |
| Consumer | 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 know as factors of production |
| Economic system | The organized way in which a country handles is economic decisions and solves its economic problems |
| Economic vote | Term used to describe consumer approval of products expressed by the purchase of products |
| financial capital | Money needed to operate a business |
| Government | A country's arrangement for making and enforcing laws |
| Human resources | People who work to produce gods 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 wat, how, and for whom products will be produced are answered by individuals and businesses in the market place |
| Markets | Arrangements for the buying and selling of goods and services |
| means of production | all the resources required in the produce goods and services |
| Medium of exchange | something of value that can be used to obtain goods and services; most common for in 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 a business owner receives for taking risk involved in investing in a business; income left once all expenses are paid |
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