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10 Cards in this Set

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