Economic Concepts Flashcards

Front

Economic Systems

Back

Describes how a country’s economy is organized

Front

Needs

Back

Basic necessities required for survival

Front

Wants

Back

Things that enhance comfort or satisfaction

Front

Factors of Production

Back

Land, Labor, Capital, Entrepreneurship

Front

Land

Back

Natural resources (e.g., metals for phones)

Front

Labor

Back

Human effort and skills (e.g., factory workers and engineers)

Front

Capital

Back

Machinery, tools, and buildings (e.g., production facilities)

Front

Entrepreneurship

Back

The vision to start and run businesses (e.g., Steve Jobs and Apple)

Front

Goods

Back

Tangible items produced using the four factors of production

Front

Services

Back

Intangible activities, amenities, benefits, or assistance