Factors of Production & Economic Systems
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| Economics | The study of how people and countries make decisions about how to use their resources in the most efficient way
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| Goods | A physical item that can be bought or sold
Ex: car, clothes, food
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| Services | Work performed in exchange for money
Ex: car repair, hair cut
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| Human Capital | People who perform labor; employees
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| capital goods | Any physical manufactured asset used in work; includes buildings, machinery, vehicles, and technology
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| Entrepreneur | A person who takes on the risk of owning and operating a business
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| Natural Resources | Resources supplied by nature that can be used to develop wealth for a country
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| Production | Manufacturing goods for consumer purchase
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| Distribution | Transporting goods to their final destination for consumer purchase
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| Consumption | Buying goods or services
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| GDP per capita | A country’s GDP divided by the population of the country
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| Gross Domestic Product | The total dollar value of all goods and services produced by a country’s economy during one year
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| Growth Rate | The increase in value in goods and services produced by an economy
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| Traditional economy | Social roles and culture determine how goods are made, sold, and bought; based on customs that have been handed down for generations; children often do the same jobs as their parents; very few still around
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| Command Economy | An economy in which the government leaders give the answers to the three basic economic questions; communism/socialism; no incentives for workers or equal pay; production is low and quality of life is often poor
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| Barter | Exchanging of goods or services for other goods or services without using money.
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| Market Economy | Based on individual choices and voluntary trade; businesses all owned by the people; role of government is very limited; people determine what will and will not be produced by buying or not buying products; consumers answer three economic questions
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