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Unit 3 Economics
Production and systems
| Term | Definition |
|---|---|
| Economics | The study of how people and countries make decisions about how they use their resources in the most efficient way |
| Goods | A physical item that can be bought or sold |
| Services | Work preformed in exchange for money |
| Human Capital | People who preform labor; employees |
| Capital Goods | Any physical manufactured asset used in work |
| Entrepreneur | A person who takes on the risks of owning and operating a business |
| Natural Resources | Resources supplied by nature that can be used to develop wealth for a country |
| Production | Manufacturing goods for consumer purchase |
| Distribution | Transporting goods to their final destination for consumer purchase |
| Consumption | Buying goods or services |
| Per Capita | A country's GDP divided by the population of the country |
| Gross Domestic Production (GDP) | The total dollar value of all goods and services produced by a country during one year |
| Growth Rate | The increase in value in goods and services produced by an economy |
| Traditional Economy | Social roles and culture determine how goods are made, sold, and bought |
| Command Economy | An economy in which the government leaders give the answers to the three basic economic questions |
| Market Economy | Based on individual choices and voluntary trade |
| Barter | Exchanging of good or services for other goods or services without using money |
Created by:
jeremy.0022
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