SS Unit 5 6.7(B) Vocab

Front

Command Economy

Back

- Government ownership of all production and distribution of goods and services.

- Government decides wages and job choices and who gets the products.

- Government determines what goods are manufactured, the price they will be sold, and who gets the profits.

- Government owns many of the major industries.

- Examples: Korea, Cuba.

Front

Distribution

Back

A step in the economic process which brings goods and services from those who make them to those who use them.

Front

Economic System

Back

How a society organizes the production, distribution, and consumption of goods and services.

Front

Ethics

Back

A set of principles of right conduct

Front

Free Enterprise System

Back

- Production is based on privately owned businesses with little government involvement

- Individuals with the means to purchase the goods receive the product

- Individuals and businesses own the resources

- Market is run by supply and demand

- Examples: United States, Hong Kong, Germany

Front

Goods

Back

A good is something that is grown or made to sell.

Front

Mixed Economy

Back

- Based on what is needed for the greater good (NOT the individual)

- Produced by collective labor, those who contributed to production

Front

Production

Back

The making of goods and services.

Front

Services

Back

A service is a job someone does for someone else.

Front

Traditional Economy

Back

• - Primitive occupations like farming, hunting, fishing.

• - Economy is determined by past practices with little change.

• - People often do the same jobs as their parents.