Economic Concepts Flashcards

Economic Concepts Flashcards

Assessment

Flashcard

History

12th Grade

Hard

Created by

Austin Scott Czachowski

FREE Resource

Student preview

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23 questions

Show all answers

1.

FLASHCARD QUESTION

Front

Factors of production

Back

Resources used to produce goods and services, including land, labor, capital, and entrepreneurship.

2.

FLASHCARD QUESTION

Front

Natural resources

Back

Materials or substances occurring in nature which can be exploited for economic gain.

3.

FLASHCARD QUESTION

Front

Labor

Back

The human effort used in the production of goods and services.

4.

FLASHCARD QUESTION

Front

Human capital

Back

The skills, knowledge, and experience possessed by an individual or population.

5.

FLASHCARD QUESTION

Front

Entrepreneurship

Back

The process of starting and operating one's own business.

6.

FLASHCARD QUESTION

Front

Economic Growth

Back

An increase in the production of goods and services in an economy over a period of time.

7.

FLASHCARD QUESTION

Front

Command economic system

Back

An economic system where the government makes all decisions regarding the production and distribution of goods and services.

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