Economics Review

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Last updated 1:40 PM on 10/30/23
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22 Terms

1
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Agricultural Industry

Producing crops, and raising livestock; farming.

<p>Producing crops, and raising livestock; farming.</p>
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Manufacturing Industry

The uses of machines, tools, and labor to produce goods for use or sale.

<p>The uses of machines, tools, and labor to produce goods for use or sale.</p>
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Service Industry

Provides services to businesses and consumers. No goods are produced.

<p>Provides services to businesses and consumers. No goods are produced.</p>
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Goods

Things that are manufactured, or made, and that consumers can buy and own

<p>Things that are manufactured, or made, and that consumers can buy and own</p>
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Socialism

Good and services should be produced and distributed equally. Wealth and earnings are balanced and shared..

<p>Good and services should be produced and distributed equally. Wealth and earnings are balanced and shared..</p>
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Free enterprise

people are free to buy, sell, and produce whatever they want

<p>people are free to buy, sell, and produce whatever they want</p>
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Communist

Economic decisions are made and controlled by the government.

<p>Economic decisions are made and controlled by the government.</p>
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Retail Industry

The sale of goods individually or in small quantities to consumers.

<p>The sale of goods individually or in small quantities to consumers.</p>
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Global Interdependence

Countries depend on each other and their products for producing and consuming

<p>Countries depend on each other and their products for producing and consuming</p>
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urban

city

<p>city</p>
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Literacy Rate

describes a country's education

<p>describes a country's education</p>
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Rural

countryside

<p>countryside</p>
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Services

activities people do for one and another. Includes plumbing, doctors, teachers, hotel workers, etc

<p>activities people do for one and another. Includes plumbing, doctors, teachers, hotel workers, etc</p>
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Factors of production

RESOURCES used to produce services and goods

<p>RESOURCES used to produce services and goods</p>
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natural resources

Raw materials supplied by nature- oil, water, coal, copper, forests

<p>Raw materials supplied by nature- oil, water, coal, copper, forests</p>
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Labor

workers that devote to a task for which they are paid

<p>workers that devote to a task for which they are paid</p>
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Capital

resources used to produce goods or a service- computers, delivery vehicles, hammers, desks, etc

<p>resources used to produce goods or a service- computers, delivery vehicles, hammers, desks, etc</p>
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Entrepreneur

A person who starts up and takes on the risk of a business

<p>A person who starts up and takes on the risk of a business</p>
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Consumers

buys a good or service

<p>buys a good or service</p>
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Scarcity

A shortage of resources

<p>A shortage of resources</p>
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GDP per capita

a country's total income of goods and services for a year divided by the population.

<p>a country's total income of goods and services for a year divided by the population.</p>
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life expectancy

the average number of years a person can expect to live

<p>the average number of years a person can expect to live</p>