How Economies Operate (HSC SSCE Economics): Flashcards
📚Flashcards
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Practise the cards
10 cards from this deck
Goods
Goods
Physical, tangible items you can touch and own
Services
Services
Intangible activities performed for our benefit
Reward for natural resources (land)
Reward for natural resources (land)
Rent
Reward for labour
Reward for labour
Wages
Reward for capital
Reward for capital
Interest
Reward for enterprise
Reward for enterprise
Profit
Capital
Capital
Produced means of production (machinery, tools, factories)
GDP (Gross Domestic Product)
GDP (Gross Domestic Product)
Total goods & services produced in economy in one year
Barter
Barter
Non-cash exchange of goods and services
Productivity
Productivity
Output produced per unit of input per unit of time