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unit 3
Factors of production
| 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 , clothes ,food |
| Services | Work preformed in exchange for money Ex: car repair , hair cut |
| Human Capital | People who preform labor; employees |
| Capital goods | Any physical manufactured asset used in work ; includes buildings , machinery , vehicles , and technology |
| Entrepreneur (entrepreneurship) | A person who takes on 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 purchases |
| Distribution | Transporting goods to their final destination for consumer purchase |
| Consumption | Buying goods or services |
| Per Capita | A country's GDP divided by the population by the population of the country |
| Gross Domestic Production | The total dollar value of all goods and services produces by a economy during one year |
| Growth rate | The increase in value in goods and services produced by an economy |
| traditional Economy | Social roles and and culture determine how goods are made sold and bought |
| Command Economy | an economy in which the government leaders give answers 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:
Kaahliyah
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