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Unit 3 Economics

Production and systems

TermDefinition
Economics The study of how people and countries make decisions about how they use their resources in the most efficient way
Goods A physical item that can be bought or sold
Services Work preformed in exchange for money
Human Capital People who preform labor; employees
Capital Goods Any physical manufactured asset used in work
Entrepreneur A person who takes on the risks 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 Capita A country's GDP divided by the population of the country
Gross Domestic Production (GDP) The total dollar value of all goods and services produced by a country 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, sold, and bought
Command Economy An economy in which the government leaders give the answers to the three basic economic questions
Market Economy Based on individual choices and voluntary trade
Barter Exchanging of good or services for other goods or services without using money
Created by: jeremy.0022