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Stack #4612682
| Question | Answer |
|---|---|
| Land | Refers to all natural resources used to produce goods and services |
| Labor | Represents the human effort, both physical and metal, used in the production process |
| Capital | Includes the tools, equipment, and buildings used to produce goods and services |
| Entrepreneurship | Involves the initiative to combine the other factors of production to create goods and services |
| Command | An economy where government planning groups make the basic economic decisions |
| Market | An economy where decisions are made at made at an individual, rather than a government, level where individuals and corporations own most of the business and farms |
| Traditional | An economy that depends on agriculture and bartering, where decisions are often made based on long held customs, beliefs, or habits |
| Services | Work or activities people perform often for free |
| Traditional | An economy that depends on agriculture and bartering, where decisions are often made based on long held customs, beliefs, or habits |
| Goods | Tangible items (things you can touch) |
| Supply | The quantity of goods, or service available for sale |
| Demand | The quantity of a good, or service consumers are willing to buy |
| Entrepreneurship | Involves the initiative to combine the other factors of production to create goods and services |
| Investment | Most spent on something with a goal of making a profit |
| Command | An economy where government planning groups make the basic economic decisions |
| Profit | The amount left after costs are subtracted from a price |
| Investment | Most spent on something with a goal of making a profit |
| Goss Domestic Product | The total monetary value of all final goods and services produced with in a country's borders over a spefic period, |
| Investment | Most spent on something with a goal of making a profit |
| Services | Work or activities people perform often for free |
| Cusumer | A person who satisfies a need, or want by buying a good, or service |
| GDP up | Consumers spending, business investment, government speeding, and next exports all which contributes to overall economic growth |
| GDP down | The decline in GDP can be attributed to various factors, including supply socks, demand shocks and more |
| Standard of living | Refers to the level of wealth, comfort, material goods and necessities available to a person, or community |
| Country's literacy rate impact it's standard of living | Encompass the wealth, comfort, health, education, and material well-being enjoyed by people in a society |
| Inflation | The rate at which the general level a decrease in the purchasing power of money |
| Impact consumers | Consumers spending is key economic measures as it drives nearly two thirds of U.S |
| Tariff | Tax or duty imposed by a government on imported or exported goods/ typically to protect domestic industries |
| Quota | Limit or target set for a specific purpose, such as production, sales, or import/ export, used to control quantities, or achieve goals |
| Embargo | Official ban or restriction imposed by a government, or authority on trade, commerce, or communication with a particular country or entity |
| Corporation | Legal entity that is separate from it's owners, capable of owning property, entering into contacts, and being held liable for it's actions |
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