Economic Concepts Flashcards

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Factors of production

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

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Natural resources

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

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Labor

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

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Human capital

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

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Entrepreneurship

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

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Economic Growth

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

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Command economic system

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

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Market economic system

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An economic system where decisions regarding investment, production, and distribution are based on supply and demand.

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Mixed economic system

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An economic system combining private and public enterprise.

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Traditional economic system

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An economic system based on customs, history, and time-honored beliefs.