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Econ Lesson 1 and 2
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How a government decides to distribute resources is called
allocation
The term for the reality that all countries have different amounts of natural, human, and capital resources
Uneven distribution
The two types of labor needed with human resources
Mental Labor and Physical Labor
Tools that are created by humans to help them accomplish a task
Capital Resources
Name the two categories of natural resources
Renewable and Non-Renewable
Name all four factors of production
Natural Resources, Capital Resources, Human Resources, Entreprenuership
Most countries have this type of economy
Mixed
In this economy, the people answer all of the fundamental questions of economics
Market
In this economy, the government answers all of the fundamental questions of economics
Command Economy
What happens when people have unlimited wants but there are limited resources?
Scarcity
Name the three fundamental questions of economics
What to produce? How to produce? Who to produce for?
The percentage of people who can read and write in a country
Literacy Rate
The total value of all goods and services produced in a single year
GDP
When countries focus on making goods that they can produce easily with the resources that are already in their country
Specialization
Goods sold by producers in one country to buyers in other countries
Exports
Goods brough in from other countries
Imports
Actions that people perform that we pay for
Services
Explains how people get the goods and services they need and want
Economics
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