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BE 204
Business Essential
| 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 scarce 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 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 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 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 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 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 |
| Traditional economy | -An economic system in which people produce only what they must have to exist; all economic decisions are based on habit and tradition |
| Welfare state | -A government that provides multiple social programs such as free health care and education to its citizens |
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