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economics

TermDefinition
factors of production the materials that people combine to make something that satisfies our wants or needs.
land the non man-made materials (natural resources)used to make a product or provide a service
labor the skills,knowledge, time and energy of people involved in making a product or providing a service. think of it as "people power"!
capatial man made items like tools and factories used to provide a good or service.
production to consumption want= the desire or need for a product or service.
production the combination of the land, labor and capital to make a good or provide a service.
distribution the act of making a product or service available to people.
consumption the act of using a good or product. satisfaction may only be temporary.
making choices benefits the positive aspects associated with a choice.
scarcity the absence of something that results from the conflict between unlimited wants and limited resources.
opportunity cost the most important benefit that you give up because you chose something else.
economic systems traditional everyone works for the good of everyone else. Made up of family units."primitive" by some standards.
command you have little say in economic decisions. you will do as you are told and you will like it or else! the government or central authority controls f.o.p.
market people have a major say in economic decisions. most are motivated by the opportunity to make money.
mixed an economy that is a mixture of the three basic systems.
weakness of bartering inconvenient in today's economy.
as a medium of exchange(f) it's what you give to get something else.People accept it because they can use it for the same purpose.
as a standard of value(f) people understand the comparative worth of an object or service when discussing its price or the money it generates.
as a store of value(f) it can be organized when you decide to keep it instead of spending it. you are storing it for use in the future.
Created by: lyndon24
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