2.01
The people who make or provide goods and services.
Producers
The quantity of a good or service that buyers are ready to buy at a given price at a particular time.
Demand
The organized way in which a country handles its economic decisions and solves its economic problems.
Economic System
Anything of value that people own.
The money received by resource owners and by producers for supplying goods and services to customers.
Income
People who use goods and services to satisfy their wants
Consumers
Manufactured or constructed items that are used in the production of goods and services.
Capital goods
Combined elements of socialist command and market policies form this.
Mixed Economies
A rivalry between two or more businesses to attract scarce customer dollars.
Competition
A risk-response strategy that involves assuming responsibility for the risk rather than transferring it.
Retention
Retailers who operate solely online.
E-tailers
The point at which the quantity supplied is equal to the quantity demanded.
Equilibrium
Socialist countries are often called this because their governments have programs to provide citizens with free medical care, education, financial assistance, etc.
Welfare States
The desire to make a profit
Profit motive
Rivalry between or among businesses that offer dissimilar goods or services.
Indirect Competition
A type of business that performs intangible activities that satisfy the needs and wants of consumers or industrial users.
Service Business
A form of demand in which changes in price do not affect demand.
Inelastic demand
The government does all of the economic planning
Central Planning
Going into business for yourself
Entrepreneur
Chances of loss that may result in loss, no change, or gain.
Speculative Risks
Businesses that buy and sell goods to others; retailers and wholesalers.
Trade Industries
A condition resulting from the gap between limited resources and unlimited wants for goods and services.
Scarcity
A level of existence that barely supports life.
Subsistence
A business or industry that is managed by independent companies or private individuals rather than by the state.
Private Enterprise
A market structure in which there are relatively few sellers, and industry leaders usually determine prices.
Oligopoly