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BE 2.03

EC-907 VOC

TermDefinition
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 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 service 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 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
Created by: demetria.n316
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