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12 Cards in this Set

  • Front
  • Back
the productive resources used to produce goods andservices- land, labor, capital, and entrepreneurship
factors of production
"gifts of nature" natural resources we use to produce goods
work time and effort people devote to producing goods and services
the knowledge and skill that people obtain from education, on the job training, and work experience
human capital
the tools, instruments, machines, buildings, and other constructions that have been produced in the past, that businesses now use to provide goods and services
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
circular flow model
markets in which goods and services are bought and sold
good market
markets in which factors of production are bought and sold
factor markets
1) goods and services
2) social security and welfare benefits
3) transfers to state andlocal gov'ts
federal governments major expenditures
1) personal income taxes
2) corporate(business)income taxes
3) social security taxes
main taxes paid to federal government
1) local goods and services
2) welfare benefits
state and local gov't major expenditures
1) sales tax
2) property taxes
3) state income taxes
main taxes paid to state and local gov'ts