Save
Busy. Please wait.
Log in using Clever
or

show password
Forgot Password?

Don't have an account?  Sign up 
Sign up using Clever
or

Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

factor of production

unit 3

TermDefinition
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
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards