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Flashcards in Short Quiz Deck (27):
1

Labor

Work time and effort people devote to make goods and services

2

What do we Produce?

Consumption goods and services
Capital goods
Government goods and services
Export goods and services

3

Capital goods

Goods bought by businesses to increase productive resources

4

Examples government goods and services

Weapons systems
Roads
Internet services

5

Consumption goods and services

Items bought by individuals to give personal satisfaction and contribute to a person's quality of life

6

Examples capital goods

Airplanes
Oil tankers
Airplanes

7

Examples labor

Physical and mental efforts
People who work in shops
People who work in offices

8

Examples natural resources (land)

Land
Energy
Water
Minerals
Air

9

Government goods and services

Items bought by the government

10

Factors of production

Productive resources used to create goods and services

11

Export goods and services

Items produced in one country and sold in another

12

Land

The gifts of nature used to produce goods and services, natural resources

13

Examples export goods and services

Dell computers
Boeing airplanes
Apple iPads

15

Example consumption goods and services

Cellphones
Movies
SUVs

16

How do we produce?

Land
Labor
Capital
Entrepreneurship

17

Capital

Items used for producing goods and services in a business

18

Examples of capital

Computers
Warehouses
Cookie shops
Dams and power plants

19

Entrepreneurship

The human resource that organizes labor, land, and capital

20

Qualities is an entrepreneur

Come up with new ideas of what and how to produce
Make business decisions
Bear risks from taken decisions

21

Rent

Income paid for the use of land

22

Human capital

Knowledge and skill people acquire in school, job-training, and work experiences

22

Wages

Income paid for the services is labor

23

Interest

Income paid for the use of capital

24

Profit or Loss

Income earned by entrepreneurs

25

Functional Distribution of Income

Distribution of income among the factors of production

26

Personal Distribution of Income

Distribution of income among households

27

Households

Individuals or people living together