Economics Lesson 2

Front

Goods (definition)

Back

Physical articles that have been produced for sale or use; economic outputs

Front

Services (definition)

Back

Work done by someone else for which a consumer, business, or government are willing to pay; economic outputs

Front

Factors of Production (definition)

Back

Resources used to produce goods and services

Front

Entrepreneurship

Back

Willingness and ability to take the risks involved in starting and managing a business; economic input

Front

Capital

Back

Tools, machines, and buildings used to produce goods and services; economic inputs

Front

Land

Back

All the natural resources, including energy, that are used to produce goods and services; economic inputs

Front

Labor

Back

The time and effort people devote to producing goods and services in exchange for wages; economic inputs

Front

Human capital

Back

Knowledge and skill people gain from education, on-the-job training, and other experiences

Front

Financial capital

Back

Money used for investment or production

Front

Physical capital

Back

The manmade objects—tools, machinery, buildings, and other goods—used in production; also called capital goods