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unit 3

Factors of production

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 , 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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