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Unit 4: Test 1

Economics and Global Trade: Test 1

TermDefinition
economics the study of how people use resources to produce, distribute and consume goods and services
economic system an organized way a society uses to produce, distribute, and consume goods and services
consumption the process of using natural resources or goods and services
production the process of making goods and services
distribution moving goods and services directly to or near consumers
factors of production the resources used to produce goods and services
natural resources any physical environmental item that people perceive to be useful
human resources workers and their abilities, talents, training, skills, and knowledge used to produce goods or services
capital resources equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services
economic globalization the development of increased interconnections and interdependence of many different economic systems marked by free trade and the free flow of capital, labor, and resources
circular flow the pattern in which goods and services and resources flow in the marketplace
monopoly a situation in which one company controls an industry or is the only provider of a product or service
regulation a government rule with themforce of law that states what may or may not be done or how something must be done
Created by: AMS SS6