Term
|
Definition
| primary resources available for current consumption |
|
|
Term
|
Definition
| capital goods used for future consumption or production |
|
|
Term
| _______ goods and services are consumed in the current period (IA1) |
|
Definition
|
|
Term
| ____ goods are NOT consumed in the current period (IA1) |
|
Definition
|
|
Term
|
Definition
| increase in income and wealth; measured in terms of per capita income or wealth |
|
|
Term
|
Definition
| distribution of income and wealth; a more euitable distribution and wealth is preferable but redistributive policies that undermine the incentives to create income or wealth raise difficult issues |
|
|
Term
|
Definition
| creation of goods and services |
|
|
Term
| _____ and ______ combine to create consumer and producer goods |
|
Definition
|
|
Term
|
Definition
| exchange of goods and services |
|
|
Term
|
Definition
| capital for future production |
|
|
Term
| government infrastructure... 3 parts |
|
Definition
| legal system for private property, contracts, and corporations, physical infrastructure of roads and sanitation, and nation defense and police protection |
|
|
