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factor of production
unit 3
| Term | Definition |
|---|---|
| Economics | The study of how people and countries make decisions about how to use their resources in the most efficient way. |
| Goods | A physical item that can be bought or sold Ex: car repair ,hair cut. |
| Services | Work performed in exchange for money Ex: car repair,hair cut |
| Human capital | People who perform labor; employees. |
| Capital goods | Any physical manufactured asset used in work; includes buildings, machinery, vehicles, and technology. |
| Entrepreneur (entrepreneurship) | A person who takes on the risk of owning and operating a business. |
| Natural resources | Resources supplied by nature that can be used to develop wealth for a country. |
| Production | Manufacturing goods for consumer purchase. |
| Distribution | Transporting goods to their final destination for consumer purchase. |
| Consumption | Buying goods or services. |
| Per capital | A country's GDP divided by the population of the country. |
| Cross Domestic Product (GDP) | The total dollar value of all goods and services produced by a country's economy during one year. |
| Growth rate | The increase in value in goods and services produced by an economy. |
| Traditional Economy | Social roles and culture determine how goods are made, sod, and bought. |
| Command Economy | An economy in which the government leaders give the answer to the three basic economic questions; |
| Barter | Exchanging of goods or services for other goods or services without using money. |
| Market Economy | Based on individual choices and voluntary trade; |
Created by:
jgraham613
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