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Chapter 2

Anything that can be used to manufacture goods or services. Productive Resources
Resources(such as land, labour, and capital) that are used to produce goods and services. Factors of Production
A factor of production that includes all natural resources used to produces goods. Land
All natural resources used in production. Raw Materials
A factor of production comprising the physical and mental effort contributed by people to producing goods and services. Labour
The contribution made by an owner, manager, or innovator who organizes land, labour, and capital to produce goods and services. Entrepreneurship
A factor of production that refers to machinery, factories, warehouses, and equipment used to produce goods and services. Capital
A more precise term than capital for the machinery, factories, warehouses, and equipment used to produce goods and services, as distinct from financial capital Real Capital
The funds used to acquire real capital Money Capital
A firm's ability to maximize output from the resources available, usually measured as the firm's output per worker Productivity
Physical resources (such as land and labour)that are necessary for production and are visible. Tangible Resources
Resources that are necessary for production, such as entrepreneurship, knowledge, and an environment for enterprise. Intangible Resources
A society's social values and instiutions, such as stable government, that are favourable to business attempting to produce and sell goods and services. Environment for Enterprise
The increase in market value of a product resulting from additional processing or refinement of that product Value Added
The law, institutions, and common practices that help a nation determine how to use its resources to satisfy as many of its people's needs and wants as possible. Economic System
An economic system in which production decisions are determined by the practices of the past. Traditional Economy
The trading of goods and services without the use of a monetary system; such transactions are common in traditional economies. Barter
An economic system in which production decisions are made by central planners. Command Economy
An economic system in which production decisions are made by the actions of buyers and sellers in the marketplace. Market Economy
A term applied to the private ownership of productive resources, a characteristic of market economices. Private Enterprise
An economic system, such as Canada's, that contains elements of market, command, and traditional systems. Mixed Economy
A canadian term for government-owned land. Crown Land
The growing practice in Canada and other mixed economies of citizens trading one service for another to avoid taxation or to ensure a more personal level of service; illegal transations occuring in the economy that are not recorded in GDP calculation. Hidden Economy
A political system characterized by a freely elected government that represents the majority of its citizens. Democracy
A political system in which a single person exerices absolute authority over an entire nation. Dictatorship
A political system on the extreme left, based upon the theories of Karl Marx, that calls for government or community ownership of the means of production. Communism
A political system of the moderate left that calls for public ownership of the principal means of production, to be achieved in a democratic and peaceful manner. Socialism
Another term for state ownership of business enterprise. Nationalization
An economy characterized by private ownership of business and industry, the profit motive, and free markets. Capitalism
A political system on the extreme right, combining a free-market economy with a non-democratic form of government. Fascism
The total debt held by federal and provincial government accumulated from their past borrowings, on which interest must be paid. Public Debt
An increase in an economy's total production of goods and services. Economic Growth
Direct payments from governments to other governments or to individuals; a mechanism for providing social security, income support, and alleviation of regional disparities. Transfer Payments
A general rise in the price levels of an economy. Inflation
A general fall in the price levels of an economy Deflation
National account of internation payments and receipts, divided into current account, and capital and financial account. Balance of Payment Accounts
A principle of market economies that the production choices of the economy are ulitmately made by the buying decisions of consumers. Consumer Sovereignty
Created by: sgreulich



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