Basic Economics Concepts

Front

The total value of goods and services produced within the borders of a country during a specific time period, usually one year.

Back

Gross Domestic Product

Front

There are 4 _______________. They are natural resources, human capital (labor), capital goods, and entrepreneurship.

Back

Factors of Production

Front

Man-made resources used in the production process. Examples are: machines in a factory, new technologies, improvements in roads, and publicly accessible facilities.

Back

Capital Goods (Physical Capital)

Front

What economic system is based on supply and demand, in which consumers and producers can buy and sell what they want?

Back

Market Economy

Front

In traditional economies what is the term for exchanging goods and services without using currency (money)?

Back

Bartering

Front

What is a naturally-made item, such as a tree, mineral, or fresh water, that people can use to help meet a need or want?

Back

Natural Resource

Front

_____________ is the talents, skills, and labor of people that can be used to produce goods and services.

Back

Human Capital

Front

_____________ are the people who have an idea for a product, business, or the improvement of a good or service and take a financial risk to produce it.

Back

Entrepreneurs

Front

What are the factors of production? Options: Land, Technology, Dirt, Resources; Land, human capital, Capital goods (physical), Entrepreneurship; Land, Labor, Entrepreneurship; Resources used in the production of only services

Back

Land, human capital, Capital goods (physical), Entrepreneurship

Front

Which factor of production uses the other 3 factors to bring their ideas to life?

Back

Entrepreneurship