BF10 2.03 Vocabulary Review

All the resources required in the production of goods and services

The money needed to start and operate a business

Income left once all expenses are paid

The rivalry between two or more businesses to attract scarce customer dollars

 A country’s arrangement for making and enforcing laws

Benefits such as free health care, education, and welfare that are provided by a government to its citizens.

Something of value that can be used to obtain goods and services; most common form is money

Existence at a level that barely supports life.

The organized way in which a country handles its economic decisions and solves its problems

Detailed economic processes and goals developed by government; usually associated with communist economies

A modified economic system in which government owns the basic means of production and allows private ownership.

Economy that does not allow people to invest in the economy

Government that provides multiple social programs to its citizens

Economic system in which the economic questions are answered by individuals and businesses in the marketplace

Tangible items produced for personal use

An economic system in which people produce only what they must have in order to exist.

Arrangements for the buying and selling of goods and services

The process or activity by which income is divided among resource owners and producers

Quantity of a good service that sellers are able and willing to offer for sale

Term used to describe consumer approval of products expressed by the purchase of products:

A economic system in which the government does not allow private ownership.

The general conditions in which people live.

The quantity of a good or service that buyers are ready to buy at a given price at a particular time

Tangible items that will be consumed by industrial users

Influencing or relying upon one another

Which all or many of the means of production and distribution are owned and controlled by the government.

Specific goals to be met

A condition resulting from the gap between unlimited wants for goods and services and limited resources.

Monetary reward a business owner receives for taking risk involved in investing in a business

Manufactured or constructed items that are used to produce goods and services