How to produce, When to produce, For whom to produce, What to produce

Answers economic questions based on traditional customs & values

Answers economic questions through strict gov control and regulations.

Land and other materials from nature. Fuel for industry

The total value or all goods and services produced within a country in one year

Gross domestic product “GDP”

People who make products used by other people

Guided by supply and demand, but also benefits from limited gov control

Answers economic questions based on supply and demand

studbud

Economic vocabulary

15 termsStudBud Administration11 plays

Imported from external platform

Flashcards15 cardsFPractice quizPHost liveL

Questions 15

Answers

1
Labor (the work people do) plus Human Resources (people knowledge, training , and skills).
Natural resources
Human capital
Capital goods
Productive resources
2
Every country has limited resources and cannot meet all of its peoples wants and needs
Literacy rate
Scarcity
Exports
Entrepreneur
3
The percentage of the adult population that can read and write
Standard of living
Human Capital
Scarcity
Literacy rate
4
People who bring goods to people
Producer
Consumer
Distributor
5
3 basic questions
How to produce
When to produce
For whom to produce
What to produce
6
Person who has new ideas for good and/or services
Consumer
Distributor
Entrepreneur
Producer
7
Traditional Economy
Guided by supply & demand, but also benefit from limited gov control
Answers economic questions through strict governmental control & regulation
Answers economic questions based on supply and demand in the market
Answers economic questions based on traditional customs & values
8
Human- made goods used to make other goods (factories , machinery, tools, technology)
Human capital
Gross domestic product “GDP”
Capital goods
9
Command economy
Guided by supply demand , but also benefit from limited gov control
Answers economic questions through supply and demand
Answers economic questions based on traditional customs and values
Answers economic questions through strict gov control and regulations.
10
Natural resources
Good and services bought and brought in from other countries
Land and other materials from nature. Fuel for industry
Goods and services sold and shipped to other countries
Resources people use to make goods and services
11
The total value or all goods and services produced within a country in one year
Natural resources
Gross domestic product “GDP”
Human capital
Productive resources
12
Producer
People who bring goods to people
People who buy or use / consume goods and services
People who make products used by other people
13
People who buy or use/consume goods and services
Consumers
Distributors
Producers
14
Mixed economy
Answers economic questions through strict government control & regulations
Answers economic questions based on traditional customs and values
Answers economic questions based on supply and demand in the market
Guided by supply and demand, but also benefits from limited gov control
15
Market economy
Answers economic questions based on supply and demand
Answers economic questions through strict gov control
answers economic questions based on traditional customs and values

Economic vocabulary Flashcards | StudBud