Economics Flashcard

Front

What term describes the buildings and machines needed to make goods and provide services?

Back

Capital Resources

Front

What is anything that can be manufactured or grown called?

Back

Goods

Front

What is something done for others in exchange for money?

Back

Services

Front

What is the study of how things are made, bought, sold, and used?

Back

Economics

Front

What term refers to the total value (in dollars) of all goods and services?

Back

Gross Domestic Product

Front

What is the term for a system where the government controls production and distribution with no competition?

Back

Command Economy

Front

What is the quality of life based on the availability of goods and services called?

Back

Standard of Living

Front

What is money used to start a business venture or buy materials called?

Back

Investment

Front

What motivates producers and consumers in a privately-owned production system?

Back

Supply and Demand

Front

Who is a person that starts a new business and is considered a risk taker?

Back

Entrepreneur