Lesson 2 Flashcards
general health and welfare of economies
creation of jobs
gateway
micro business
enable businesses to make massive quantity of goods to ship and sell in national markets
new forms of technology and machine productions
offer better jobs in terms of compensation and stability
corporation
input or resources used to produce goods and services
factors of production
total tools equipment machinery and buildings used to produce goods and services
capital
individual who takes initiatives to bundle resources in innovative ways and is willing to pair the risk and or uncertainty to act
entrepreneurship
natural resources that can be used to produce goods and services
land
total human resources required to turn raw materials into goods and services
labor
economic system in which both the factors of production and the businesses are owned by private individuals and not concerned by the government
capitalism
market economy
supply and demand
french phrase that translates to let it be or let them do it
laissez-faire
- an economic system based on a market economy with limited government involvement
- government involves employer employee relations
mix capitalism
- government controls the factor of production
- central government planner make all decisions about production and resource allocation
communism
economic system in which the government controls the operation and direction of basic in the industries but private ownership also exist
socialism
