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Strand one

Basic Economic terms

TermDefinition
Land Any kind of natural resource
Labor The physical effort put into making goods.
Capital Any human created resource made to better produce other goods
Physical capital tangible products to assist in making goods
Human Capital The economic value a employee.
Entrepreneurship Manages the three other factors of production. The activity of setting up a business or businesses, taking on financial risks in the hope of profit.
Market system An economic system in which production and prices are determined by unrestricted competition between privately owned businesses
Command system An economy in which production, investment, prices, and incomes are determined centrally by a government.
Mixed An economic system combining private and public enterprise.
Created by: Pineapple3472
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