Economic Concepts Review

The system that a nation has developed to turn its resources into products that satisfy needs

(a)  

Resources used to make products

(a)  

Products (goods, services, and ideas) produced by an economic system

(a)  

All the natural resources that a nation has

(a)  

Raw materials; examples include soil, water, minerals, plants, animals, and climate

(a)  

The willingness and ability to start a new business

(a)  

Any manufactured product used to make another product; includes machinery, buildings, vehicles, and computers; also can refer to the money used to buy capital

(a)  

Goods manufactured products used to make final products

(a)  

Consumer product, that is, a product purchased by consumers

(a)  

The transportation systems and utilities necessary for a modern economy

(a)