Unit 3 Vocabulary: Factors of Production and Economic Systems

Transporting goods to their final destination is called----

• consumption

• distribution

• production

• economics

A country's GDP divided by the population of the country is called----

• Gross Domestic Product

• economics

• per capita

• consumption

Any physical item that can be bought or sold(ex. car, book, computer, food) is called---

• human capital

• services

• goods

• labor

The total market value of all goods and services produced by a country's economy during one year is called its----

• per capita

• gross domestic product

• economics

• growth rate

A____ is a person who takes the risk of owning and operating a businesses.

• economics

• entreprenuership

• gross domestic product

• per capita

People who perform labor; employees

• capital goods

• human capital

• entrepreneurship

• services

The increase in value in goods and services produced by an economy.

• per capita

• gross domestic product

• human capital

• growth rate

The buying of goods or serevices

• consumption

• production

• distribution

• growth rate

The study of how people and countries make decisions about how to use their resources in the most efficient way.

• entrepreneurship

• economics

• human capitl

• gross domestic product

Resources supplied by nature that can be used to develop wealth for a country

• human capital

• natural resources

• capital goods

• consumption