Download Video: Economics: The Production, Distribution, and Consumption of

SS6E5, SS6E6, SS6E7
Economic Terms
Video: Economics: The Production, Distribution, and Consumption of Goods and
Services: Producing
Economics
Traditional Economy
The production, distribution, and consumption of goods and services
The social roles and culture determine how goods and services are
produced
Command Economy
An economy in which centralized planning groups – such as a government
– decide what and how goods and services will be produced, distributed,
and consumed
An economy in which changes in price guide what and how goods and
services will be produced, distributed, and consumed; individuals or
corporations generally own businesses and farms
An economy that blends (mixes) characteristics of both command and
market economies, but falls closer to one form or the other; Combination of
command and market
Tax on imports
Number limit on how many items of a particular product can be imported
from a particular country
A government order stopping trade with another country to put pressure on
the government of that other country
Workers of a business or country including their education, training, skills,
and health
Goods, such as machinery, used in the production of commodities
Types of Investment; Examples: Factories, Machinery, Technology (Hint:
Laura uses a mold)
Product of the earth that people use to meet their needs
Examples: land, trees, oil, coal, air, and water
The four factors of production may be combined in many ways to make a
profit – natural resources, labor, capital, and other products
One who risks his or her own money, time, ideas, and energy to start and
run a business
The production, distribution, and consumption of goods and services
Tangible things that can be consumed/bought/used, such as clothes and
food
Actions people perform, such as haircuts, banking, and entertainment
The total value of all the goods and services produced in a country in one
year
Market Economy
Mixed Economy
Trade Barrier: Tariff
Trade Barrier: Quota
Trade Barrier: Embargo
Human Capital
Capital Goods
Capital Investment
Natural Resource
4 Factors of Production
Entrepreneur
Economics
Goods
Services
Gross Domestic Product
(GDP)
SS6E5, SS6E6, SS6E7
Economic Terms
Video: Economics: The Production, Distribution, and Consumption of Goods and
Services: Producing
The _________________, _________________, and
__________________ of goods and services
Tangible things that can be consumed/bought/used, such as clothes
and food
Actions people perform, such as haircuts, _________________,
Services
and _________________
The four factors of production may be combined in many ways to
4 Factors of Production
make a profit – natural resources, _________________,
_________________, and other products
Product of the earth that people use to meet their needs
Natural Resource
Examples: land, trees, oil, coal, _________________, and
_________________
Capital Goods
Goods, such as machinery, used in the production of commodities
Types of Investment; Examples: Factories, Machinery,
__________ Investment
Technology (Hint: Laura uses a mold)
The social roles and culture determine how goods and services are
____________ Economy produced
Economics
An economy in which centralized planning groups – such as a
government – decide what and how goods and services will be
produced, distributed, and consumed
An economy in which changes in price guide what and how goods
____________ Economy
and services will be produced, distributed, and consumed;
individuals or corporations generally own businesses and farms
An economy that blends (mixes) characteristics of both command
____________ Economy
and market economies, but falls closer to one form or the other;
Combination of command and market
Trade Barrier: Tariff
Tax on imports
Number limit on how many items of a particular product can be
Trade Barrier: Quota
imported from a particular country
A government order stopping trade with another country to put
Trade Barrier: Embargo
pressure on the government of that other country
____________ Economy
SS6E5, SS6E6, SS6E7
Economic Terms
Video: Economics: The Production, Distribution, and Consumption of Goods and
Services: Producing
Human Capital
Entrepreneur
Gross Domestic Product
(GDP)
Workers of a business or country including their education,
training, skills, and health
One who risks his or her own money, time, ideas, and energy to
start and run a business
The total value of all the goods and services produced in a country
in one year