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BE 2.03

EC-907

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; usally associated with communist economies
Command economy an economic system in which all or many of the means of production and disstribution 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 sollars
Consumer goods Tangible items produced for prsonal use
Consumers People who use goods and services to satisfy their wants
Demand The quantity of a good or serrvice that buyers are ready to buy at a given price at a particular time
Distributopn the process or activity by which inome 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 contry handle its economic decisions and solves its economic problems
Economic vote Term used o describe consumer approval of products expressed by the purchase f products
Financial capital Money needed to operate a business
Government A contry's arrangement for making and enfforcing law
Human resources People who work to produce goods and sesrvices
Human services Programs Benifits sucha as free medical care, education, and financial assistance that are provided by a government to its citizens
Industrial good Tangibla items that will be consumed by industrial users
Independent Influencing ot relying upon one another
Market economy An economic system in which the questions of wha , how, and for whom products will br produced arer answerd by individuals and businesses in the marketplace
Markets Arrangments for the buying and selling of goods and services
Means of production All th resources required in the production of goods and service
medium of exchange Something of value that can be used to obtain goods and services; most commoon form is money
Mixed economy An economic system in which elements of market and socialist command economies are combined
Natral resources Items that are found in nature and used to producec goods and services
Producer The people who make or peovide goods and services
Production The economisprocess or activity of producing goods and services
Profit Monetary reward a business oener receivess for taking the risk involved in investing in a business; Income left once all expenses are paid
Quotas Specific goals to be met
Resources 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 economics system in which government owns some basic means of production and allows private ownership of business as well
Subsistence Existence at alevel that barely supports life
supply The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period
Trditional economy An economic system in which people produce only what htey must have to sxist; all economic decisions are based on habit and tradition
Welfare state A government that provides mutiple socila programs such as free helalth care and education to its citizens
Created by: trinity.l382
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