Economic Concepts Review

The system that a nation has developed to turn its resources into products that satisfy needs

Resources used to make products

Products (goods, services, and ideas) produced by an economic system

All the natural resources that a nation has

Raw materials; examples include soil, water, minerals, plants, animals, and climate

The willingness and ability to start a new business

Any manufactured product used to make another product; includes machinery, buildings, vehicles, and computers; also can refer to the money used to buy capital

Goods manufactured products used to make final products

Consumer product, that is, a product purchased by consumers

The transportation systems and utilities necessary for a modern economy