Economics Flashcard

Front

the measure of a nation's quality of life based on income, education, life expectancy, and other factors.

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standard of living

Front

Choose the correct definition of capital goods.

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the factories, machines, technology, tools, equipment, and any other man-made goods used to make other goods or services

Front

Choose the correct definition of gross domestic product (GDP).

Back

the total market value of the goods and services produced by a country in a specific year

Front

a loose alliance of countries, states, and other political units in which each unit maintains most or all power over itself.

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confederation

Front

market economy - a(n) _______ system based on supply and demand, in which consumers and producers can buy and sell what they want.

Back

economic

Front

tariff - a _______ that is placed on goods brought into one country from another.

Back

tax

Front

Vocabulary Term: command economy. Definition: an economic system based on ______ control and regulations.

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government

Front

Definition: a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want.

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natural resource

Front

Vocabulary Term: entrepreneurship. Definition: the activity of creating a new ______.

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business

Front

Definition: a person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit.

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entrepreneur