Vocabulary A
The process of using natural resources or goods and services
What is consumption?
A situation in which one company controls an industry or is the only provider of a product or service.
What is monopoly?
Any physical environmental item that people perceive to be useful.
What is natural resources?
In a command economy, who answers all the economic questions.
What is the government?
The resources used to produce goods and services.
What is factors of production?
The pattern in which goods and services and resources flow in the market place.
What is circular flow?
Workers and their abilities, talents, training, skills, and knowledge used to produce goods and services.
What is human resources?
In a market economy, who answers all the economic questions.
What is the buyers and sellers?
Moving goods and services directly to or near consumers
What is distribution?
A government rules with them; law that states what may or may not be done or how something must be done.
What is regulation?
Equipment or goods (machinery, tools, factories, stores, vehicles, etc.) that are used to produce other goods and services.
What is capital resources?
Type of economy most countries have today.
What is mixed?
The process of making goods and services.
What is production?
The development of increased interconnections and interdependence of many different economic systems marked by free trade and the free flow of capital, labor, and resources.
What is economic globalization?
Natural resources
What is coal used to run a factory; water used in firefighting; land to grow wheat?
Believe that the government should play a strong role in the economy and provide for its people, even if the government has to borrow money to do this.
What is liberals?
The study of how people use resources to produce, distribute, and consume goods and services.
What is economics?
An organized way a society uses to produce, distribute, and consume goods and services.
What is economic system?
Human Resources
What is factory workers; educated doctors; an electrician?
Believe in a "hands-off" type government in which money should not be spent on projects to help the economy. The government should definitely not go in to debt to do this.
What is conservatives?
Capital Resources
What is an assembly line; a delivery car; a store?
Three questions every society has to answer in determining what type of economic system to have.
What is what goods and services to produce?
What is how will the goods and services be produced?
Who will consume the goods and services?