Flashcard on U.S. and Global Economies

Front

What are consumption goods and services?

Back

Goods and services bought by individuals for personal enjoyment

Front

Which of the following is NOT a factor of production? Land, Labor, Capital, Money

Back

Money

Front

What does human capital refer to?

Back

The knowledge and skills obtained from education and experience

Front

What percentage of total income did the richest 20% earn in 2017?

Back

50%

Front

Characteristic of advanced economies?

Back

Developed transportation systems

Front

What is the primary source of income for entrepreneurs?

Back

Profit

Front

What is the circular flow model used to illustrate?

Back

The interaction of households and firms in the economy

Front

Types of market: Financial market, Labor market, Goods market

Back

All of the above

Front

What is the main tax collected by the federal government?

Back

Personal income tax

Front

What is the primary function of state and local governments?

Back

Providing goods and services