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BE 203

TermDefinition
Capital goods Manufactured or constucted 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
Communsim 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 arrangment for making and enforcing laws
Human resources People who work to produce goods and services
Human service programs Benefits such as free medical care, education,and
Industrial goods
Interdependent
Market economy
Markets
Means of production
Medium of exchange
Created by: user-2014862
 

 



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