Economic Vocabulary review

Front

Capital

Back

Anything that gives a person or business economic value

Front

Capital goods

Back

Resources, like machines, used to produce other goods and services

Front

Which economic system is mostly controlled by the government?

Back

Command economy

Front

What does an economic system describe?

Back

How a society organizes and distributes resources, services, and goods

Front

Entrepreneurship

Back

The ability and willingness of individuals to start businesses or take risks to create new economic opportunities.

Front

Which term represents the total value of goods and services bought in a year?

Back

GDP

Front

What is human capital?

Back

The skills, knowledge, and health of the people in a society.

Front

Which economic system is driven by supply and demand?

Back

Market economy

Front

Which economic system combines elements of command, market, and traditional economies?

Back

 Mixed economy

Front

What are subsistence farms?

Back

Farms where people grow enough food for their families and communities