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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.
Land:
The "gifts of nature," or natural resources, that we used to produce goods and services.
Labor:
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.
Capital:
Tools, instruments, machines, buildings, and other constructionsthat have been produced in the past and that businessses now use to produce goods and services.
Entrepreneurship:
The human resources that organizes labor, land, and capital.
Rent:
Income paid fo rhte use of land.
Wages:
Income paid for the services of labor.
Interest:
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.