Economics Part II Vocabulary #2

Front

In what economic systems do private citizens determine what to produce, how to produce it, and how to market it?

Back

Market Economy

Front

In what economic system does the government determine what to produce, how to produce it, and how to market it?

Back

Command Economy

Front

What is the total amount of payment received from a consumer for a good or service?

Back

Revenue

Front

What do you call the tools and equipment needed to create a good or service?

Back

Capital Good/Resources

Front

What is the total amount of a good or service available for purchase?

Back

Supply

Front

What do you call someone who makes or provides a good or service for purchase?

Back

Producer

Front

What is a good which is produced domestically but sold in a foreign country?

Back

Export

Front

What is the calculation of the value in USD of all the goods and services?

Back

Gross Domestic Product

Front

What do you call a country with a strong economy and easy access to education, healthcare, and vital goods and services?

Back

More Developed Country

Front

Which factors of production can have a positive or negative impact on a country's GDP? Options: Literacy rate and Human Capital, Human Capital and GDP, Human Capital, Capital Goods, Entrepreneurship and literacy rate, All of the above

Back

Human Capital, Capital Goods, Entrepreneurship and literacy rate