Chapter 2
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| capital | anything made by man that is used to produce goods and services.
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| land | anything supplied by nature that is used in the production of goods and services.
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| labour | all human effort that goes into the production of goods and services.
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| enterprise | the factor of production that takes the initiative in organizing land, labor and capital that bears the risk involved in production.
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| centrally planned economy | an economy that controlls and directs all economic activity (also called a command economy)eg.cuba
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| mixed economy | an economy where private enterprises and state enterprises both exist and where the government exersices a certain amount of activity. eg.Ireland
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| free enterprise economy | an economy where activity is undertaken by companies and individuals who are free to operate without undue government interference.(also called a free market economy). eg. united states of America.
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| depreciation | the using up or wearing out of capital in a year.
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| factors of production | the resources or inputs that are required to produce goods and services.
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| fixed capital | stock of fixed assets.
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| gross investment | the total amount of capital created in an economyin a year.
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| net investment | gross investment minus depreciation.
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| non-renewable resources | natural resources that's supply cannot be replenished.
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| renewable resources | natural resources that's supply can be replenished.
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| social caplital | capital owned by society in general.
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| working capital | manufactured raw materials,partly finished goods and finished goods
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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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