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Economic Systems

Horizontales
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
Term used to describe consumer approval of products expressed by the purchase of products
Any item that is used to accomplish another activity, such as producing/providing goods and services
The organized way in which a country handles its economic decisions and solves its economic problems
Arrangements for the buying and selling of goods and services
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
The people who make or provide goods and services
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
Specific goals to be met
Verticales
The rivalry between two or more businesses to attract scarce customer dollars
A government that provides multiple social programs such as free health care and education to its citizens
Influencing or relying upon one another
An economic system in which all or many of the means of production and distribution are owned and controlled by the government
A country’s arrangement for making and enforcing laws
A modified command economic system in which government owns the basic means of production and allows private ownership of businesses as well
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
Existence at a level that barely supports life
A condition resulting from the gap between limited resources and unlimited wants for goods and services
Monetary reward a business owner receives
The quantity of a good or service that buyers are ready to buy at a given price at a particular time