Ecn112 Chap 2

Front 1

the productive resources used to produce goods andservices- land, labor, capital, and entrepreneurship

Back 1

factors of production

Front 2

"gifts of nature" natural resources we use to produce goods

Back 2

land

Front 3

work time and effort people devote to producing goods and services

Back 3

labor

Front 4

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

Back 4

human capital

Front 5

the tools, instruments, machines, buildings, and other constructions that have been produced in the past, that businesses now use to provide goods and services

Back 5

capital

Front 6

a model of the economy that shows the circularflow of expenditure and incomes that result from decision makers choices and the way those choices interact to determine what, how, and for whom goods and services are produced

Back 6

circular flow model

Front 7

markets in which goods and services are bought and sold

Back 7

good market

Front 8

markets in which factors of production are bought and sold

Back 8

factor markets

Front 9

1) goods and services
2) social security and welfare benefits
3) transfers to state andlocal gov'ts

Back 9

federal governments major expenditures

Front 10

1) personal income taxes
2) corporate(business)income taxes
3) social security taxes

Back 10

main taxes paid to federal government

Front 11

1) local goods and services
2) welfare benefits

Back 11

state and local gov't major expenditures

Front 12

1) sales tax
2) property taxes
3) state income taxes

Back 12

main taxes paid to state and local gov'ts