Shared Flashcard Set

Details

EBT
2.01 Economics and Economic Systems Vocabulary
11
Business
8th Grade
02/28/2012

Additional Business Flashcards

 


 

Cards

Term
Economics
Definition
Making choices and satisfying the wants and needs of consumer. Economics studies how individuals and societies seek to satisfy needs and wants through incentives, choices, and allocation of scarce resources The word "economics" is from the Greek words οκος [oikos], meaning "family, household, estate," and νόμος [nomos], or "custom, law," and hence literally means "household management" or "management of the state."
Term
Scarcity
Definition
The condition that exists when wants exceed resources available to satisfy wants.
Term
Capital Resources
Definition
Goods produced and used to make other goods and services.
Term
Natural Resources
Definition
“Gifts of nature” that are present without human intervention (ex. land)
Term
Human Resources
Definition
The knowledge, efforts, and skills people bring to their work, also known as labor.
Term
Entrepreneurial Resources
Definition
The initiative to improve goods and services or create new ones.
Term
Command economy
Definition
Economic system that is run by a central government or authority
Term
Market economy
Definition
Characterized by private ownership of the means of production (for example, farms and factories), and supply and demand are responsible for the price and allocation decisions. Individuals decide what, how and for whom goods and services are produced.
Term
Socialist economy
Definition
Characterized by more government ownership and central planning. Government, which relies on tax revenues, is far less likely than private businesses to heed price signals or to feel the discipline imposed by market forces.
Term
Mixed Economy
Definition
A combination of a command and market economy.
Term
Traditional Economy
Definition
The type of economy where people believe in doing things the same as they have always been done in the past.
Supporting users have an ad free experience!