CH2 Terms - Terms Barter- The exchange of one good or...

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Terms Barter - The exchange of one good or service for another good or service. Capital - Human-made resources (buildings, machinery, and equipment) used to produce goods and services; goods that do not directly satisfy human wants; also called capital goods. Capitalism - An economic system in which property resources are privately owned and markets and prices are used to direct and coordinate economic activities. circular flow model - The flow of resources from households to firms and of products from firms to households. These flows are accompanied by reverse flows of money from firms to households and from households to firms. command system - A method of organizing an economy in which property resources are publicly owned and government uses central economic planning to direct and coordinate economic activities; command economy. consumer goods - Products and services that satisfy human wants directly. consumer sovereignty - Determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes. dollar
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This note was uploaded on 01/30/2011 for the course ECO 218 taught by Professor Dr.rhibidaoud during the Spring '10 term at Sinclair CC.

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CH2 Terms - Terms Barter- The exchange of one good or...

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