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B.E 2.03 & 2.04
Unit 2.03 & 2.04 Key Terms
| Term | Definition |
|---|---|
| Command Economy | an economic system in which all or many of the means of production and distribution are owned and controlled by government |
| Communism | A command economic system in which the government controls the economic system and doesn't allow private ownership of the means of production and distribution |
| Economic System | The organized way in which a country handles its economic decisions and solves its economic problems |
| Market Economy | An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in a marketplace |
| Socialism | A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well |
| 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 |
| Entrepreneur | An individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts. |
| Private/Free Enterprise | An economic system in which individuals and groups, rather than the government, own or control the means of production–the human and natural resources and capital goods used to produce goods and services. |
| Small Business | A business that employs 500 or fewer people. |
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ashley.g739
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