CE.11 Flashcard

Front

What is economics?

Back

The study of the economy.

Front

What is the economy?

Back

A system of production, distribution, and consumption of goods and services.

Front

What is a "good"?

Back

A tangible product that someone can own

Front

Which of the following is an example of a service? Shoes, Cars, Haircut, Books

Back

Haircut

Front

What is production?

Back

The combining of resources to make goods or provide services

Front

What determines what is produced according to the text?

Back

Consumer preferences and available resources

Front

Consumption

Back

The using of goods and services

Front

What are resources used for?

Back

To produce goods and services

Front

Which of the following is NOT a type of resource? Natural, Capital, Human, Technological

Back

Technological

Front

What are natural resources?

Back

Things that come from nature used to make goods