Intro
Basic goods and services required for a healthy and enjoyable life.
What are needs?
Natural resources
What is land?
An economic system based on wage labor, private ownership of the means of production, and production for exchange and profit.
What is capitalism?
Referred to a domestic group who have double roles in the economy which is to consume and also own factors of production.
What is family?
The measurement of how well the people live in a country and other standards.
A luxurious car, a fur coat, designer jeans, subscription to Spotify and Netflix, an expensive perfume.
What are examples of Wants?
Land, labor, capital and entrepreneur.
What are the factors of production?
Where everyone works for wealth that is then distributed to everyone.
What is socialism?
Provides most of the rules and laws of how the other economic agents should interact.
What is the government?
A measure used to evaluate the health of a country's economy.
What is the GDP?
The administration or use of resources to satisfy the people's needs and wants.
What is the economy?
The human effort applied to the production of goods and services.
What is labor?
The main difference in economic systems depends on how present the role of ____ is.
What is the governement?
The four economic agents.
What are families, firms, government and central banks?
Two consecutive quarters of decline in a country's GDP.
What is a recession?
Services.
What is an action you pay someone to do?
Examples of capital. (name 3)
What are... building, computers, tractors, etc ?
In terms of government involvement, this means to ''let it be'', so the government intervenes less.
What is Laissez-faire?
What is managing the country's currency, money supply or the interest rate?
Depression.
What is when a country lasts 3 years or more a decline in GDP. (extreme recession) ?
The KEY CONCEPT of the unit.
What is global interactions?
What is human capital?
Communism. (give 3)
What is where... most businesses are owned and operated by GVMT, GVMT decides what goods and services are produced, classless society, heavy progressive tax, GVMT businesses have little incentive to be efficient, little or no innovation ?
A way the government distributes wealth to the people.
What is social services in education, health and poverty programs?
What the HDI measures (3 things)
What is knowledge, health and standard of living?