Circular Flow of the Economy

What are natural resources?

• Work done for others, such as haircuts, car repairs

• A good produced and offered for sale

• Things that occur naturally in the world and that are used to make goods or provide services

• The labor, skills, and abilities of workers

What is the definition of an entrepreneur?

• A person who uses resources to start a business

• A system in which economic decisions are made by people and businesses, with little government influence

• The labor, skills, and abilities of workers

• Work done for others, such as haircuts, car repairs

What is the meaning of free enterprise?

• A good produced and offered for sale

• Things that occur naturally in the world and that are used to make goods or provide services

• A system in which economic decisions are made by people and businesses, with little government influence

• The labor, skills, and abilities of workers

What are goods?

• A system in which economic decisions are made by people and businesses, with little government influence

• Work done for others, such as haircuts, car repairs

• The labor, skills, and abilities of workers

• Things people buy and use

What are services?

• A system in which economic decisions are made by people and businesses, with little government influence

• The labor, skills, and abilities of workers

• A good produced and offered for sale

• Work done for others, such as haircuts, car repairs

What are consumers?

• work produced by humans

• a person who uses resources to start a business

  
  

•  people who buy and use goods and services

•  the labor, skills, and abilities of workers

Define economy

• how a country makes and manages good, services, and money

• the labor, skills, and abilities of workers

• work done for others, such as haircuts, car repairs

• a good produced and offered for sale

What are human resources?

• a good produced and offered for sale

• things that occur naturally in the world and that are used to make goods or provide services

• thing people buy and use

• the labor, skills, and abilities of workers

Define labor

• a good produced and offered for sale

• work produced by humans

• the people and things needed to produce goods and services

• how a country makes and manages good, services, and money

What is a product?

•  things that occur naturally in the world and that are used to make goods or provide services

• work done for others, such as haircuts, car repairs

• a good produced and offered for sale

• a system in which economic decisions are made by people and businesses, with little government influence