Who's The Boss?

Front 1

Capital Goods

Back 1

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

Front 2

Communism

Back 2

A command economic system in which the government controls the economic system and does not allow private ownership of the means of production and distribution

Front 3

Competition

Back 3

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

Front 4

Consumer goods

Back 4

Tangible items produced for personal use

Front 5

Consumer

Back 5

People who use goods and services to satisfy their wants

Front 6

Demand

Back 6

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

Front 7

Distribution

Back 7

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

Front 8

Economic System

Back 8

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

Front 9

Economic Vote

Back 9

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

Front 10

Government

Back 10

A country’s arrangement for making and enforcing laws

Front 11

Human Resources

Back 11

People who work to produce goods and services

Front 12

Market Economy

Back 12

An economic system in which the questions of what, how, and for whom goods will be produced are answered by individuals and businesses in the marketplace

Front 13

Markets

Back 13

Arrangements for the buying and selling of goods and services

Front 14

Medium of Exchange

Back 14

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

Front 15

Natural Resources

Back 15

Items that are found in nature and used to produce goods and services

Front 16

Profit

Back 16

Monetary reward a business owner receives for taking the risk involved in investing in a business; income left once all expenses are paid

Front 17

Quotas

Back 17

Specific goals to meet

Front 18

Resource

Back 18

Any item that is used to accomplish another activity, such as producing/providing goods and services

Front 19

Scarcity

Back 19

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

Front 20

Socialism

Back 20

A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well

Front 21

Traditional Economic System

Back 21

An economic system in which people produce only what they must have in order to exist; all economic decisions are based on habit and tradition

Front 22

Welfare State

Back 22

A government that provides multiple social programs such as free health care and education to its citizens

Front 23

Central Planning

Back 23

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

Front 24

Command Economy

Back 24

An economic system in which all or many of the means of production and distribution are owned and controlled by the government

Front 25

Human-Services Programs

Back 25

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

Front 26

Industrial Goods

Back 26

Tangible items that will be consumed by industrial users

Front 27

Interdependent

Back 27

Influencing or relying upon one another

Front 28

Means of Production

Back 28

All the resources required in the production of goods and services

Front 29

Producers

Back 29

The people who make or provide goods and services

Front 30

Subsistence

Back 30

Existence at a level that barely supports life

Front 31

Supply

Back 31

The quantity of a good or service that sellers are able and willing to offer for sale at a specified price in a given time period