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BusinessES III
Unit 2.03 EC907
| Term | Definition |
|---|---|
| Capital Goods | Manufactured items that are used to produce goods and services |
| Central Planning | Detailed economic processes developed by the government; usually by communist economies |
| Command Economy | A economic process in which government is conrolling production and distribution |
| Communism | government controls the economy and doesn't allow private ownership |
| Competition | a rivalry between two or more businesses to attract scarce consumer dollars |
| Consumer Goods | tangible items produced for personal use |
| Consumers | people who use goods and services to satisfy themselves |
| Demand | the quantity of good that buyers are are ready and able to buy at a given price |
| Distribution | when income is divided among resource owners and producers |
| Economic Resources | the human, natural, and capital goods used to produce goods and services |
| Economic System | the organized way in which a country handles economic decisions and solves its economic problems |
| Economic Vote | consumer approval of products expressed by the purchase of products |
| Financial Capital | money needed to operate a business |
| Government | a country's arrangement for makeing and enforcing laws |
| Human Resources | People who work to produce goods and services |
| Human services program | benefits that are provided by a government |
| Industrial Goods | Tangible items that will be consumed by industrial users |
| Interdependent | relying upon one another |
| Market Economy | an economic system in which the questions of what products will be produced are are answered by businesses in the marketplace |
| Markets | arrangments for the buyiing 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 |
| Mixed Economy | elements of market and socialist command economies are combined |
| Natural Resources | items that are found in nature and usedto produce goods and services |
| Producers | people who make goods and services |
| Production | the economic process of producing goods and services |
| Profit | monetary reward a business owner receives for taking a risk |
| Quotas | specific goals to be met |
| Resource | any item that is used to accomplish an activity |
| Scarcity | the condition resfulting from the gap between limited resources and unlimited wants |
| Socialism | the government owns some basic means of production and allows private ownership of businesses |
| 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 |
| Traditional Economy | people produce only what they must have to exist |
| Welfare State | a government that provides multiple social programs |
Created by:
GabrielRO
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