Chapter 2.1 - The Us And Global Economies

Front 1

Consumption goods and services:

Back 1

Good and services that are bought by individuals and used to provide personal enjoyment and contribute to a person's standard of living.

Front 2

Investment goods:

Back 2

Goods that are brought by businesses to increase their productive resources.

Front 3

Government Goods and Services:

Back 3

Good and services that are bought by governments.

Front 4

Export Goods and Services:

Back 4

Goods and services produced fin one country and sold in other countries.

Front 5

Factors of Production:

Back 5

The productive resources used to produce goods and services: Land, Labor, Capital and Entrepreneurship.

Front 6

Land:

Back 6

The "gifts of nature," or natural resources, that we used to produce goods and services.

Front 7

Labor:

Back 7

The work time and work effort that people devote to producing goods and services.

Front 8

Human Capital:

Back 8

The knowledge and skill that people obtain from education, on-the-job training, and work experience.

Front 9

Capital:

Back 9

Tools, instruments, machines, buildings, and other constructionsthat have been produced in the past and that businessses now use to produce goods and services.

Front 10

Entrepreneurship:

Back 10

The human resources that organizes labor, land, and capital.

Front 11

Rent:

Back 11

Income paid fo rhte use of land.

Front 12

Wages:

Back 12

Income paid for the services of labor.

Front 13

Interest:

Back 13

Income paid for the use of capital.

Front 14

Profit (or Loss):

Back 14

Income earned (or lost) by an entrepeneur for running a business.

Front 15

Functional Distribution of Income:

Back 15

The distribution of income among the factors of production.

Front 16

Personal Distribution of Income:

Back 16

The distribution of income among households.