Productive resources - Resources that are used to produce goods and services., Tangible resources - Physical and measurable resources used in the production of goods and services., Intangible resources - Resources that do not exist in physical form but are used in the production of goods and services., Productivity - A firm’s ability to maximize output from the resources available., Land - A factor of production that includes all natural resources used to produce goods., Raw material - All natural resources used in production., Labour - Includes both the physical and mental effort contributed by people to producing goods and services., Real capital - Factories, warehouses, and equipment used to produce goods and services., Money capital - The funds used to acquire real capital., Entrepreneurship - The contribution made by an owner, manager, or innovator who assumes risk and organizes land, labour, and capital to produce goods and services., Scarcity - Refers to limited choice available to satisfy unlimited needs and wants., Economic system - The laws, institutions, and common practices that help a country determine how to use its resources and how to address the needs and wants of its people., Traditional economy - An economic system in which production decisions are determined from practices of the past., Command economy - An economic system in which production decisions are determined by government-appointed central planners., Market economy - An economic system in which production decisions are determined by buyers and sellers in the marketplace., Mixed economy - An economic system that contains elements of market, command, and traditional economies., Mixed market economy - An economic system predominantly featuring characteristics of a free market system but also incorporating features of a command and traditional economy., Democracy - A political system characterized by a freely elected government., Dictatorship - A political system in which a single person exercises absolute authority over an entire country with no free elections., Political orientation - The placement of specific ideas within a spectrum of political views ranging from extreme far-right thinking (fascism) to moderate views (capitalism and socialism), extending to far-left thinking (communism)., Capitalism - An economy characterized by private ownership of business and industry, the profit motive, and free markets., Communism - A political system on the far left, founded on the theory of Karl Marx, that calls for government or community ownership of the means of production., Socialism - A political system of the moderate left that calls for public ownership of the principal means of production, to be achieved in a democratic and peaceful manner., Nationalism - Another term for state ownership of business enterprise., Fascism - A political system on the extreme right, combining a free-market economy with a non-democratic form of government., Propaganda - Concerted messaging efforts used to influence thoughts and opinions by repeated emphasis, distortion, deception, and misinformation., Public debt - The total debt held by federal and provincial governments accumulated from their past borrowings, on which interest must be paid., Economic growth - An increase in an economy’s total production of goods and services., Value‐added - The increase in market value of a product resulting from additional processing or refinement of that product., Consumer sovereignty - A principle of market economies that the production choices of the economy are ultimately made by the buying decisions of consumers.,

Chapter 3 & 4 Key Term Activity - Jamina

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