Term
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Definition
An economic system in which govern-
ment controls all or most factors of production and makes all or
most production decisions |
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Term
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Definition
An economic system in which individuals
control all or most factors of production and make all or most pro-
duction decisions. |
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Term
| what are the 2 basic types of command economies? |
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Definition
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Term
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Definition
| the government controls all aspects of the economy |
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Term
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Definition
| the government controls all the main aspects of the economy |
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Term
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Definition
Firms buy resources that they need in the produc-
tion of goods and services. |
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Term
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Definition
Firms supply goods and services in response to
demand on the part of consumers. |
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Term
what is the name of this?
" An economic system with elements
of both a command economy and a market economy; in practice,
typical of most nations’ economies. " |
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Definition
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Term
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Definition
The transfer of activities from the government to
the private sector. |
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Term
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Definition
The transfer of activities from private firms to
the government. |
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Term
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Definition
A reduction in the number of laws affecting
business activity. |
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Term
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Definition
Government buys thousands of different products and services from
business firms, including office supplies, office buildings, computers,
battleships, helicopters, highways, water treatment plants, and manage-
ment and engineering consulting services. |
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Term
| government as a competitor |
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Definition
| Government also competes with business through Crown corporations |
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Term
| government as a regulator |
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Definition
regulate many
aspects of business activity through administrative boards, tribunals, commissions. |
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Term
| progressive revenue taxes |
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Definition
Taxes levied at a higher rate
on higher-income taxpayers and at a lower rate on lower-income
taxpayers. |
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Term
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Definition
Taxes that cause poorer
people to pay a higher percentage of their income than richer
people pay. |
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Term
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Definition
Taxes levied to control certain activities
that legislators believe should be controlled |
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Term
| what are the 6 ways the government interacts with a business? |
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Definition
| as a customer, competitor, regulator, taxation agent, provider of financial assistance , and as a provider of essential services, |
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Term
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Definition
when a business can't afford lobbyists they often join these which are organizations dedicated to promoting the
interests and assisting the members of a particular industry. |
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Term
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Definition
market economies that are characterized by pri-
vate property rights, freedom of choice, profits, and competition. |
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Term
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Definition
A market or industry characterized by a
very large number of small firms producing an identical product so
that none of the firms has any ability to influence price. |
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Term
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Definition
A market or industry character-
ized by a large number of firms supplying products that are similar
but distinctive enough from one another to give firms some ability to
influence price. |
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Term
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Definition
A market or industry characterized by a small num-
ber of very large firms that have the power to influence the price of
their product and/or resources. |
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Term
| what is an example of perfect competition |
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Definition
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Term
| what is an example of monopolistic competition |
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Definition
| things like clothing stores and things that may rely on brand loyalty and stuff |
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Term
| what is an example of an oligopoly |
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Definition
| things like the cereal market |
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Term
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Definition
A market or industry with only one producer, who
can set the price of its product and/or resources. |
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Term
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Definition
A market or industry in which having only
one producer is most efficient because it can meet all of consumers’
demand for the product. |
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