Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
19 Cards in this Set
- Front
- Back
|
goods |
An item that one can consume |
|
|
service |
activities provided by another person |
|
|
needs |
goods or services needed to survive |
|
|
wants |
goods or service desired by a consumer |
|
|
economy |
system in which people produce,sell and buy goods and service |
|
|
economics |
The social science that deals with the production, distribution, and consumption of goods and services |
|
|
economic activity |
the production of goods and series |
|
|
primary sector |
Economic activity that involves taking raw materials from the soil or water |
|
|
Secondary Sector |
Economic activity that involves using raw materials to manufacture goods |
|
|
Tertiary Sector |
Economic activity that involves the production of services |
|
|
Capital |
A factor of production that involves a country’s wealth and infrastructure |
|
|
Entrepreneurship |
A factor of production that involves the creativity and risk needed to develop new goods and services |
|
|
Gross Domestic Product |
The total value of the goods and services that a country produces |
|
|
Economic systems |
Ways in which countries organize the production of goods and services |
|
|
Traditional Economy |
An economic system in which people trade goods and services without money |
|
|
Free-EnterpriseEconomy |
An economic system in which privately owned businesses provide goods and services that people buy |
|
|
Command Economy |
An economic system in which government owns most parts of the economy and decides what will be produced and sold |
|
|
Mixed Economy |
This economic system has elements of both a free market and command economy |
|
|
Scarcity |
the basic economic problem that humans have unlimited wants in a world of limited resources. |
