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Economics Vocabulary

QuestionAnswer
Factors of Production The four things needed to make goods and services: land (natural resources), labor (workers), capital (tools and machines), and entrepreneurs (people who start businesses
Goods Items that are made or grown and can be touched, such as food, clothes, toys, or car
Services Jobs people do to help others that cannot be touched, such as teaching, fixing cars, or cutting hair.
Capital Goods/Capital Resources Man-made tools, machines, buildings, and equipment used to make goods or provide services
Human Capital The people who work to make goods or provide services, including their skills and effort
Natural Resources Things that come from nature and are used to make goods, such as water, trees, oil, land, and minerals
Entrepreneurs People who start and run businesses by taking risks to make goods or provide service
Traditional Economy An economy where people make decisions based on customs, traditions, and how things have always been done
Command Economy An economy where the government makes most decisions about what is made, how it is made, and who gets it
Market Economy An economy where people and businesses decide what to make and buy based on supply and demand.
Mixed Economy Most economies are mixed - they have characteristics of both command and market economies
Gross Domestic Product (GDP) The total value of all goods and services produced in a country during a certain period of time, usually one year
Literacy Rate The percentage of people ages 15 and older in a country who can read and write.
Standard of Living How well people live in a country, based on how much money they earn and their access to things like food, housing, healthcare, education, and safety
Created by: user-1963986
 

 



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