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10 Cards in this Set
- Front
- Back
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Capitol |
equipment and factories used in the production of goods and services |
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Capitol Good |
a tool or equipment used to produce other goods |
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Capitalism |
Pure Evil (an economic system where the factors of production are privately owned) |
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Command Economy |
an economic system characterized by a central authority which makes major economic decisions |
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competition |
a rivalry that may refer to rivalry among firms or individuals, or the race to control resources |
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consumer |
refers to one who buys goods or services for personal use |
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consumer empowerment |
an economic and legal concept that buyers should have access to a full range of resources to make informed economic decisions |
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consumer good |
a finished product used by and individual for personal use |
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consumer protection laws |
an economic and legal concept that governments should use regulations to ensure the rights of buyers |
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consumer sovereignty |
the role of the customer as the ruler of the market; the customer decides what goods and services will be produced |
