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Stack #4643455

QuestionAnswer
capital goods manufactured or constructed items that are used to produce goods and services
central planning detailed economic processe and goals developed by goverment ussually assiciated with communist econimies
command economy economic system in which all or many of the means of production and distributation are owned and controlled by the goverment
communism a command economic system in which the goverment controls the economic system and does not allow private ownership of the means of production snd distributation
competition the rivarly between two or more buisnesses to attract scarce customer dollars
consumer goods tangible items used for personal use
consuemers 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
distributation the process or activity by which income is divided among resource owners and producers
economic reasources the human and natrual resources and capital goods used to produce goods and services factors of production
economic system the organized way in which a country handles its economic decisions and solves its economic problems
economiic votes term used to describe counsumer approval of products expressed by the purchase od products
financial capital money needed to operate a buisness
goverment a countrys arraangement for making and enforcing laws
human reasources people who work to produce goods and services
human services program benifites such as free medical care, education and financiak assistance that are provided by the goverment to its citizens
industrial goods tangible items that will be consumed by industrial users
interdependent influencing or relyiing upon one another
market economy an economic system in which the questions of what,how snf for whom products will be produced are answered by individuals and buisnesses in the marketplace
markets arrangements for the buyinh and selling of goods and services
means of production all the reasources required in the production of goods and services
medium of exchange something of value that can be used to pbtiain goods and services money
mixed economy an economic system in which elements of market and socialist command ecomonims are combined
natural reasources items that are found in nature and ysed to produce goods and services
profucers the people who make or provides goods and services
production the economic process or activity of prodycing gooda and services
Created by: user-2014714
 

 



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