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The economy

6th Grade Economy

Entrepreneur A person who takes the RISK and possible REWARDS for organizing and operating a NEW BUSINESS.
Natural Resources Useful things found in NATURE used to produce goods E.g. wood, coal, iron.
Economy The way in which people MEET their NEEDS through the production, distribution, and use of GOODS and SERVICES.
Capital Goods TOOLS, MACHINES and EQUIPMENT used to make goods and transportation used to move the goods.
Human Capital The QUALITY of WORKERS in an economy, Also known as LABOR.
Good Human Capital Well trained, well educated, healthy workers.
Trade EXCHANGE of goods and services for other goods and services.
Good An ITEM that can be BOUGHT or SOLD. E.g. a car.
Service ACTIVITIES people perform in EXCHANGE for money. E.g. Car repair.
How is economic growth measured? Growth in the OUTPUT of GOODS and SERVICES.
Main factors that affect economic growth? 1. Investment in Human Capital 2. Investment in Capital Goods 3. Natural Resources 4. Entrepreneurship
How nations improve their economy? Trading with other nations.
TRUE or FALSE. The quality of human capital will help an economy grow. This is why employers EDUCATE and REWARD employees. True
Created by: Jadonjack



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