Circular Flow of the Economy

Front

What are natural resources?

Back

Things that occur naturally in the world and that are used to make goods or provide services

Front

What is the definition of an entrepreneur?

Back

A person who uses resources to start a business

Front

What is the meaning of free enterprise?

Back

A system in which economic decisions are made by people and businesses, with little government influence.

Front

What are goods?

Back

Things people buy and use

Front

What are services?

Back

Work done for others, such as haircuts, car repairs

Front

What are consumers?

Back

people who buy and use goods and services

Front

Define economy

Back

how a country makes and manages good, services, and money

Front

What are human resources?

Back

the labor, skills, and abilities of workers

Front

Define labor

Back

work produced by humans

Front

What is a product?

Back

a good produced and offered for sale