Production and systems
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Economics | The study of how people and countries make decisions about how they use their resources in the most efficient way
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| Goods | A physical item that can be bought or sold
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| Services | Work preformed in exchange for money
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| Human Capital | People who preform labor; employees
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| Capital Goods | Any physical manufactured asset used in work
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| Entrepreneur | A person who takes on the risks 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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| Per Capita | A country's GDP divided by the population of the country
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| Gross Domestic Production (GDP) | The total dollar value of all goods and services produced by a country 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
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| Command Economy | An economy in which the government leaders give the answers to the three basic economic questions
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| Market Economy | Based on individual choices and voluntary trade
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| Barter | Exchanging of good or services for other goods or services without using money
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Created by:
jeremy.0022
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