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BE 2.03
EC-907
| Term | Definition |
|---|---|
| Capital Goods | Manufactured or constructed items that are used to produce goods and services |
| Central Planning | Detailed economic processes and goals develop 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 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 customers dollars |
| Consumer Goods | Tangible items produced for personal use |
| Demand | The quality 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 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 Service Programs | Benefits such as free medical care, education, and financial assistance that provided by 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 question of what how, and for whom products will be produces are the answered by individuals and businesses in the marketplace |
| Markets | Arrangements for the buying and selling of goods and services |
| Means of production | All 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 markets and socialist command economic 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 |
| Profits | Monetary rewards a business owner receives for taking the risk involved in investing in a business; income left once all expenses are |
| Quotas | Specific goals to be met |
| Resources | Any items that is used to accomplish another, 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 barley supports life |
| Supply | The quantity of a good or service that sellers are able and willing to offer for sales at a specified price in 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 |
Created by:
Kenron.m201
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