AP Macro Unit 1A

Front

The creation of any kind of good or service is known as:

Back

Production

Front

All of the things necessary for production are known as:

Back

Resources

Front

The human effort involved in the production of goods and services is known as:

Back

Labor

Front

The enterprising spirit that allows an individual to spot gaps in the market and take risks (including starting a business):

Back

Entrepreneurship

Front

All natural resources that go into the production of a good or service: Capital, Entrepreneurship, Land, Labor

Back

Land

Front

Anything within the production process, whether human or technological, that makes production more efficient

Back

Capital

Front

Any technology/machinery involved in the production process: Human Capital, Physical Capital, Investment Capital, Enterprise Capital

Back

Physical Capital

Front

Money used to re-invest in a firm and further its business objectives

Back

Investment Capital

Front

An individual's knowledge or skills that make production of a good/service more efficient

Back

Human Capital

Front

In a competitive economy, which firms will have the most access to the factors of production (productive resources)?

Back

The firms that are most successful in meeting consumer demand.