BUS-A 200 Chapter Notes - Chapter 6: Planned Economy, Food Marketing, Economic System
Document Summary
People who accept the opportunities and risks involved in creating and operating a business. Natural resources - items used in the production of goods and services in their natural state. eg. land, water, minerals, trees. Information resources - information such as market forecasts, economic data, and specialized knowledge of employees that is useful to a business and that helps it achieve its goals. Command economy - an economic system in which government controls all or most factors of production and makes all or most production decisions. Market economy - an economic system in which individuals control all or most factors of production and make all or most production decisions. Communism - a type of command economy in which the government owns and operates all industries. Socialism - a kind of command economy in which the government owns and operates the main industries, while individuals own and operate less crucial industries.
