Economic Decision Flashcards
(6 cards)
1
Q
capital
A
physical resources which are human-made goods used in the production of other goods and services. These are manufactured resources.
2
Q
demand
A
the quantity of a good that consumers are willing and able to purchase at various prices during a given period of time
One force that determines price and allocation of resources in a capitalist economy.
3
Q
enterprise/
entrepreneurship
A
the ability and willingness of certain people to seize market opportunities and coordinate the production process. These are management resources.
4
Q
factors of production
A
inputs/resources used in the supply of goods and services
5
Q
goods
A
items that are tangible, such as clothes, cars, plants, and fruit
6
Q
labour
A
mental and physical efforts provided by people. These are human resources.
