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Unit 3 Vocabulary: Productive Factors and Economic Systems Flashcards | StudBud
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Unit 3 Vocabulary: Productive Factors and Economic Systems
Unit 3 Vocabulary: Productive Factors and Economic Systems
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Productive Factors and Economic Systems
Flashcards
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Questions
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Answers
1
Which of the following is an example of a traditional economy?
bartering with a seller
paying by check
using currency
charging goods on credit
2
exchanging of goods and services for other goods and services without using money
consumption
bartering
capital goods
3
In a market economy, which is true?
basic goods provided for free
government controls businesses
companies choose what to make, consumers decide what to buy
workers guaranteed pay raise each year
4
the total market value of all goods and services produced by a country's economy during a year
growth rate
gross domestic product
per capita
5
manufacturing goods for consumer purchase
consumption
distribution
production
6
the study of how people and countries make decisions on how to use resources efficiently
economics
governments
history
7
people who perform labor: employees
entreprenuership
capital good
human capital
8
any physical manufactured asset used in work. (buildings, land, machinery)
human capital
capital good
entreprenuership
9
economy in which the government answers the economic questions
traditional economy
command economy
market economy
10
based on customs and traditions; children do same job as their parents
command economy
market economy
traditional economy
11
a physical item that can be bought or sold. (cars, computers, food)
good
production
service
12
economy based on individual choices; consumers answer the 3 economic questions
traditional economy
command economy
market economy
13
a person who takes the risk of owning and operating a business
entreprenuership
capital good
human capital
14
the increase in value in goods and services produced by an economy
per capita
growth rate
gross domestic product
15
resources supplied by nature
capital good
natural resources
entreprenuership
16
Which reflects a mixed economy?
distribution of resources based on inheritance
prices and wages regulated by the government
prices and wages determined by the laws
combination of privately and publicly owned businesses
17
a country's GDP divided by the population of the country
per capita
gross domestic product
growth rate
18
transporting goods to their final destination for consumer purchase
production
distribution
consumption
19
work performed in exchange for money. (haircut, car repair)
good
production
service
20
buying goods or services
production
consumption
distribution
