Economics Test Review

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Created by:

lhaneman  on May 13, 2009

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Social Studies

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Schley Cats

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Economics Test Review

Three types of economies
free market economy, central or command economy, traditional economy
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Three types of economies free market economy, central or command economy, traditional economy
free market economy economy in which the market determines what goods and services are produced. Examples: United States, Canada, Japan
central or command economy economy in which the government decides how many of which goods are produced and sets prices. Example: North Korea, Cuba
traditional economy economy in which social roles and culture determine the goods and services that are produced and which consumers are allowed to buy goods and services.
economics the production, distribution, and consumption of goods and services
goods a tangible product which may be sold to a consumer or another industry.
resource something that may be used to create goods and services.
renewable resource unlimited
Resource distribution Resources are not evenly distributed around the world.
Resource owners Some resources are privately owned while others are publicly owned.
renewable resource resources that can be replaced
natural resource a resource not created by people.
capital tools, buildings and other physical things that are used to make goods
production the way that societies turn resources into goods and services
profit total revenue minus costs
opportunity costs if you can use something for one thing, then you cannot use it for another
labor workers with appropriate skills and knowledge to make goods or services. Labor may be mental, physical or both.
durable item long lasting, more expensive items mostly used by businesses
account money deposited and held at a bank for use in checking or savings.
debit card card issued by a bank that permits immediate electronic transfer of funds from the holder's account for payment of purchases.
interest money owed to a lending institution for money borrowed
I.O.U. a document that acknowledges a debt.
nonrenewable resource limited

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