Terms in this set (29)
system for producing, distributing, and consuming goods and services
raw material used to make good (natural from Earth) water trees, minerals, soil
the workers that are needed to create goods and services
the money needed to build the buildings and buy the supply to make the goods and services
the people who have the ideas to put all the factors of production together to produce goods (think creator of business)
Lack of supply/ very small supply
depending on other areas for your needs because you cannot produce it yourself
supply is the amount of a product is available
owner and workers
people who buy goods and use services
takes natural resources from the earth (mining, fishing, farming)
makes products using the natural resources (construction, factories, and processing plants)
the sale of goods in large quantities, as for resale by a retailer
the sale of goods or commodities in small quantities directly to consumers
provides a service such as restaurants, supermarkets, hotels, hospitals, education, etc.
average number of years people live within an area
gross-domestic product (GDP)
the amount/value of all the items produced in a country in a year. Often used as a measurement of a nation's wealth.
GDP per capita (person)
the value/amount of all the items produced in a country in a year divided by the population within an area. often used as a measurement of a nation's wealth.
indicator for a countries ability level of reading and writing
a measurement of population within to an area
countries with low level of development marked by few jobs in industry, poor services, low literacy rates, and low life expectancy
are countries with high levels of education, good health care, good services, advanced technology and decent salaries
Some business and industries are controlled by the government; government provides many health and welfare benefits. Found in both limited and unlimited government.
Government decides what needs are to be met. Found in unlimited governments.
free enterprise/market economy
Consumers decide what to produce and purchase. Prices are determined by supply and demand. Found in limited governments. (United States)
demand is how much or little the supply is wanted.
3 economy systems
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