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10 Cards in this Set
- Front
- Back
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The Economy
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The system of production, exchange, distribution, and consumption of goods/services
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Economics
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The branch of social science that deals with production and consumption
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Capital
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The human-made goods (machinery, tools, etc.) used in the production of other goods
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Produciton
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The manufacturing of goods, or the creation of services, having exchangeable value
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Entreprenuers
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The risk-takers and decision-makers in an economy
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Consumption
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The using-up of goods and services having an exchangeable value
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Trade-off
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The exchange of one thing for another, especially giving up one benefit for another
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Land
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Naturally-occurring goods such as water, soil, air, etc. that are used to create products
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Interdependence
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Being mutually dependent, or depending on each other, for something
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Labor
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The human effort used in production
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