Chapter Six: Economic systems flashcards

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Economics

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The study of how people choose to use resources.

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Economic systems

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The means by which countries and governments distribute resources and trade goods and services.

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Economy

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An area of the production, distribution, and trade, as well as consumption of goods and services by different agents.

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Scarcity

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The limited nature of society's resources.

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Land

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Natural resources that are used to make goods and services.

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Labour

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The effort that people contribute to the production of goods and services.

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Capital

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The machinery, tools and buildings humans use to produce goods and services.

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Publicly owned

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Assets owned by the government or state.

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Public good

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A commodity or service that is provided without profit to all members of a society.

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Shift left

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A movement towards more government control in economic policy.