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16 Cards in this Set

  • Front
  • Back
Consumption goods and services:
Good and services that are bought by individuals and used to provide personal enjoyment and contribute to a person's standard of living.
Investment goods:
Goods that are brought by businesses to increase their productive resources.
Government Goods and Services:
Good and services that are bought by governments.
Export Goods and Services:
Goods and services produced fin one country and sold in other countries.
Factors of Production:
The productive resources used to produce goods and services: Land, Labor, Capital and Entrepreneurship.
The "gifts of nature," or natural resources, that we used to produce goods and services.
The work time and work effort that people devote to producing goods and services.
Human Capital:
The knowledge and skill that people obtain from education, on-the-job training, and work experience.
Tools, instruments, machines, buildings, and other constructionsthat have been produced in the past and that businessses now use to produce goods and services.
The human resources that organizes labor, land, and capital.
Income paid fo rhte use of land.
Income paid for the services of labor.
Income paid for the use of capital.
Profit (or Loss):
Income earned (or lost) by an entrepeneur for running a business.
Functional Distribution of Income:
The distribution of income among the factors of production.
Personal Distribution of Income:
The distribution of income among households.