
Economic Concepts Flashcards

Flashcard
•
History
•
12th Grade
•
Hard
Austin Scott Czachowski
FREE Resource
Student preview

23 questions
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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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