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intro
intro
10
Economics
12th Grade
01/27/2009

Additional Economics Flashcards

 


 

Cards

Term
factors of production
Definition
resources used to produce goods and services
Term

land

 

Definition
natural resources used in the production process
Term
labor
Definition
the human resouce in production; human manetal and/or physical efforts exherted in the production of goods and services
Term
capital
Definition
goods used to produce other goods in the production process
Term
entrepreneurship
Definition
the ability to combine land, labor, and capitol to produce good and services; requires initiative, risk taking, and original abilities.  
Term
means of production
Definition

society's mechanism for economic decision-making.

what is to be produced?

how are goods and services to be produced?

for whom are goods and services to be prodruced? 

Term
traditional economy
Definition
custom or tradition is the basis for deciding the questions of what, how, and for whom.
Term
command system
Definition
the what, how, and for whom questions are answered by central economic planners (government policy makers)
Term
market economy
Definition
interaction of buyers and sellers in the market place  deturmines what will be produced, how it will e produced, and who will get the good or service.
Term
mixed economies
Definition
usually an economic system that is mainly market but has verying degrees of government regulation and decision making that alters market decisions. 
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