Economics Chapter 3

studied byStudied by 29 people
5.0(1)
Get a hint
Hint

Information

1 / 40

encourage image

There's no tags or description

Looks like no one added any tags here yet for you.

41 Terms

1

Information

sometimes listed as a 5th factor of production

New cards
2

Traditional

the economy and its rules are based on custom, heredity, and caste

New cards
3

Command Economy

the centralized authority (government) operates and regulates the economy; also called planned or directed

New cards
4

Free Enterprise

the people of the nation are free to make their own economic decisions; also called capitalism

New cards
5

Mixed Economy

a combination of capitalism and heavier government regulation; America is an example

New cards
6

Full Employment

anyone who wants to work has a job (3-4% employed)

New cards
7

Conservatives

economic growth over equity

New cards
8

Liberal

equity overgrowth

New cards
9

Land

usually most expensive; price will vary depending on location (city, country, farmland, etc.)

New cards
10

Minerals

precious metals with intrinsic value; sone have technological or architectural value

New cards
11

Animals

meat and animal by-products also provide value for businesses

New cards
12

Renewable Energy Resources

biomass, hydro-power, geothermal, wind, the sun, coal, petroleum, natural gas, nuclear power

New cards
13

Nonrenewable Energy Resources

cannot be replaced or take a long time to be regenerated

New cards
14

Labor

any work that contributes to the production of goods and services

New cards
15

Cost of labor

most of the price we pay for good pays for the labor used to make it; labor is usually the most expensive factor

New cards
16

Free Labor

free people will work harder and more effectively than people who aren’t free

New cards
17

Productivity

measure of how efficiently resources are employed

New cards
18

Capital

tangible producer goods

New cards
19

Subsistence Economy

an economic system that provides barely enough to keep a society alive; in this system, capital goods are not used effectively

New cards
20

Private Capitalism

a system in which the majority of a nation’s capital is owned and controlled by private individuals and businesses; capital is used effectively in this

New cards
21

State capitalism

a system in which the government will control and operate much (if not all) of a nation’s capital; capital is not used effectively in this

New cards
22

Capitalist

someone who owns or uses capital goods to produce other goods

New cards
23

Entrepreneurship

the intelligent supervision of the other factors of production (A.K.A. Management)

New cards
24

Entrepreneur

someone who starts a business undertaking, risking his own time, money, etc.

New cards
25

E.I. du Pont

One of the 1st American businessmen to profit from selling gunpowder

New cards
26

Real Property

tangible items

New cards
27

Financial Property

money and investments

New cards
28

Intellectual Property

creative labor (music, patents, etc.)

New cards
29

Enterprise

the freedom to use your own finances

New cards
30

Competition

rivalry between similar businesses; results in lower prices for consumers

New cards
31

Limited Government

little to no government restriction on property, businesses, investment, etc.

New cards
32

Circular Flow Model

the flow of the economic choices that are made by private households and private businesses

New cards
33

Capitalism

What is free enterprise also called

New cards
34

America

What country is an example of a mixed economy

New cards
35

Economic stability

What is one of the is government’s main responsibility

New cards
36

Land

What is considered a raw material

New cards
37

Intrinsic

What value does Minerals have

New cards
38

labor

What is usually the most expensive factor

New cards
39

Prosperity

What does labor result in for a nation

New cards
40

Property

What right of an individual is the cornerstone of capitalism

New cards
41

Private households and private businesses

The flow of the economic choices are made by what 2 groups

New cards

Explore top notes

note Note
studied byStudied by 18 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 18 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 37 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 21 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 4 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 3 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 10 people
Updated ... ago
5.0 Stars(1)
note Note
studied byStudied by 21 people
Updated ... ago
5.0 Stars(1)

Explore top flashcards

flashcards Flashcard162 terms
studied byStudied by 1 person
Updated ... ago
5.0 Stars(1)
flashcards Flashcard41 terms
studied byStudied by 2 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard82 terms
studied byStudied by 46 people
Updated ... ago
5.0 Stars(2)
flashcards Flashcard267 terms
studied byStudied by 14 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard20 terms
studied byStudied by 7 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard23 terms
studied byStudied by 280 people
Updated ... ago
5.0 Stars(3)
flashcards Flashcard20 terms
studied byStudied by 25 people
Updated ... ago
5.0 Stars(1)
flashcards Flashcard24 terms
studied byStudied by 15 people
Updated ... ago
5.0 Stars(1)