communist command economy n.
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Communist/Command economy. all important economic decisions are made by the government leaders. Primary economic activity. involve the production of foods and the extraction of resources (ex. Agriculture, fishing, logging). Secondary economic activity.

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Communist/Command economy

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    1. Communist/Command economy

    2. all important economic decisions are made by the government leaders.

    3. Primary economic activity

    4. involve the production of foods and the extraction of resources (ex. Agriculture, fishing, logging)

    5. Secondary economic activity

    6. the manufacture and production of goods. (ex. Making of textiles or furniture)

    7. Tertiary economic activity

    8. services performed by people and businesses ( ex. Teacher, nurse doctor, accountant, retailer)

    9. Quaternary economic activity

    10. consists of activities involving information processing and management (ex. Computer programmer, researcher)

    11. Infrastructure

    12. The investment a society makes into the community. (ex. Roads, power plants, telephone and internet lines)

    13. Cottage industry

    14. produce goods by hand – weave cloth, make furniture and clothes. (common in traditional societies)

    15. Free enterprise system (capitalism)

    16. an economic system where people own their own goods and property

    17. Socialist economy (socialism)

    18. an economic system where the most important business producing goods are owned by the government. (ex. Factories, mines, businesses)

    19. Profit

    20. what (the amount of money) remains after the costs of running the business are paid

    21. Traditional economy

    22. people do what their ancestors did – primarily agriculture. Centered around the family or tribe.

    23. Comparative advantage

    24. the advantage that one country has over another to produce a certain item (based on the resources it has available.)

    25. Outsourcing

    26. the process of a company hiring another company to perform some of its work.

    27. Globalization

    28. The creation of a single global economy and community

    29. Free trade zones

    30. groups of countries that have no tariffs (taxes) or quotas for member countries. (ex. NAFTA)

    31. Protective Tariffs

    32. taxes on imports that make the goods from another country more expensive than a product made in the home country.

    33. SEZ (Special Economic Zones)

    34. zones along the coast of southern Asia designed to attract foreign companies and investment to the country.

    35. Import

    36. Goods from foreign countries brought into a country for use or sale.

    37. Export

    38. Goods and services sold from one country to other countries.

    39. Supply

    40. how much of a good producers are willing to make and sell.

    41. Demand

    42. how much of a good consumers are willing to buy.

    43. Scarcity

    44. When there is not enough of what people want

    45. Entrepreneur

    46. People who bring together and organize all the other productive resources – usually a business owner.

    47. Human resources

    48. all the human labor that is required to produce something. including all the training, studying and planning as well as the work that is required to produce a good or service.

    49. Productive Resources

    50. Natural resources, Human resources, capital resources and entrepreneurship are all productive resources.