Business Essentials Unit 2: Part 2

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

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

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

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

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

An economy in which production is based on customs and traditions and economic roles are typically passed down from one generation to the next.

an individual who: invents, develops, and distributes a good or provides a service; assumes the risks of starting and building a business; and receives personal and financial rewards for her/his efforts

an economic system in which individuals and groups, rather than the government, own or control the means of production-the human and natural resources and capital goods used to produce goods and services

an independent business with fewer than 500 employees

a risk-response strategy that involves choosing not to do something that is considered risky

the possibility of loss (failure) or gain (success) inherent in conducting business

the rivalry between two or more businesses to attract scarce customer dollar

the amount of money a business pays for the products it sells or for the raw materials from which it produces goods to sell; the amount of money a business pays for the products (or for any part of the products) it sells

rivalry between or among businesses that offer similar types of goods or services

the possibility of loss or failure that occurs as a result of the economy