Production & Resources
Manufactured or constructed items used to produce goods and services.
Capital goods
The quantity of a good or service that buyers are ready to buy at a given price and time.
Demand
An economic system where people produce only what they need to survive, based on habit and tradition.
Traditional economy
A country's arrangement for making and enforcing laws.
Government
People who use goods and services to satisfy their wants.
Consumers
People who work to produce goods and services.
Human resources
The quantity of a good or service sellers are willing and able to offer at a specified price and time.
Supply
An economic system where individuals and businesses answer what, how, and for whom to produce through the marketplace.
Market economy
Detailed economic processes and goals developed by the government.
Central planning
People who make or provide goods and services.
Producers
Items found in nature that are used to produce goods and services.
Natural resources
Arrangements for buying and selling goods and services.
Markets
An economic system combining elements of market and socialist command economies.
Mixed economy
An economic system where many or all means of production and distribution are controlled by the government.
Command economy
The monetary reward a business owner receives after all expenses are paid.
Profit
All the resources required in the production of goods and services.
Means of production
Rivalry between businesses trying to attract scarce customer dollars.
Competition
A command system where the government controls the economy and does not allow private ownership of the means of production.
Communism
Specific goals that are set to be met.
Goals
Something of value used to obtain goods and services; money is the most common example.
Medium of exchange
Human and natural resources and capital goods used to produce goods and services.
Economic resources
Consumer approval of products shown through purchasing them.
Economic vote
A command system where the government owns some basic means of production but allows private businesses too.
Socialism
A government that provides multiple social programs, such as health care and education.
Welfare state
A condition caused by limited resources and unlimited wants.
Scarcity