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factor of production

unit 3

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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