Geo Chapter 4 - key terms Flashcards
the system of production, consumption and trade of goods and services
Economy
The production, distribution, and consumption of goods and services in a particular society
economic system
the creation of products and services for consumption
production
the marketing, transportation, merchandising and selling of any item
distribution
a person who starts or organizes a business
entrepreneur
physical objects or merchandise
goods
the performance of any duties or work for another person; a helpful or professional activity
services
a construction method in which the item is moved along a production line to stations where workers add one part or a group of parts
assembly-line technique
a assembly technique in which the item remains in one place for a small team of highly skilled workers to add parts
production team method
factors (land, labor, capital, and entrepreneurship) needed for the economic success of a region
economic resources
natural resources which are the raw materials of industry and business
land
money available to be invested to increase production or wealth
capital
goods such as factories or transportation systems, that are used in the production of other goods
capital goods
money that invested by people or organizations from another country
foreign investment
having the abilities to recognize business’ opportunities, take on the risk of starting a new business, and combine the factors necessary to make the business successful
entrepreneurial
a system in which businesses and consumers decide what they will produce or purchase
market economy
the relationship between the production and consumption of goods and services
supply and demand
the area of trade or business
market
a time of unemployment, low prices, low profits, and loss of business
economic depression
a economic system in which decisions are based on customs, beliefs, or religion, within a strong social community
traditional economy
people who work their own small farms to feed their families
subsistence farmers
areas too hilly, rocky, or dry for large-scale commercial use
marginal lands
an economic system in which the government controls all production and distribution of goods and services
command economy
a form of government in which the military holds political power
military dictatorship
a form of government in which elected people government offices
democracy
a system that supports common ownership of the means of production
communism
