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Unit 3 Voc. 1

Factors of Production & Economic Systems

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, clothes, food
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 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
GDP per capita A country’s GDP divided by the population of the country
Gross Domestic Product 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, sold, and bought; based on customs that have been handed down for generations; children often do the same jobs as their parents; very few still around
Command Economy An economy in which the government leaders give the answers to the three basic economic questions; communism/socialism; no incentives for workers or equal pay; production is low and quality of life is often poor
Barter Exchanging of goods or services for other goods or services without using money.
Market Economy Based on individual choices and voluntary trade; businesses all owned by the people; role of government is very limited; people determine what will and will not be produced by buying or not buying products; consumers answer three economic questions
Created by: kishamoody