Economics
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| land | the non man-made materials (natural resources) used to make a product or provide a service.
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| labor | the skills, knowledge, time and energy of people involved in making a product or providing a service.
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| capital | man made items like tools and factories used to produce a good or service.
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| Factors of Production (F.O.P.) | The materials that people combine to make something that satisfies our wants or needs
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| wants | the desire or need for a product or service
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| production | the combination of the land,labor,and capital to make a good or provide a service.
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| distirbution | the act of making or service available to people.
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| consumption | the act of using a good. satisfaction may only be temporary
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| benefits | the positive aspects associated with a choice.
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| scarcity | the absence of something that results from the conflict between unlimited wants and limited resources
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| oppurtunity cost | the most important benefit that you give up because you choose sometjing else
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| traditional | everyone works for the good of everyone else. Made up of family units. "Primitive" by some standards.
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| command | you have little say in economic decisions. You will do as you are told and you willlike it or else! The government or central authority controls the F.O.P.
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| Weakness of bartering | inconvient in today's economy
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| medium of exchange | it's what you give to get somethingelse. People accept it because they can use it for the same purpose
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| standard of value | people understand the comparative worth of an object or service when its price or the money
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| store of value | it can be reconized when you decide to keep it instead of spending it. You are storing it for use in the future
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| money is generally accepted | everyone is willing to take money in exchange for goods and services because they to will be able to use or save it
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| money is easily counted and measured | makes it easy to stablish prices, keep track of value, profits and losses.
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| money is durable | money last for a long time and is not easily destroyed.
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| money is convient |
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To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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