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Definitions for chapter 2

Definitions for chapter 2 - Definitions for Chapter 2...

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Definitions for Chapter 2 Consumptions goods and services- Goods and services that are bought by individuals and used to provide personal enjoyment and contribute to a person’s quality of life Capital goods- Goods that are bought by businesses to increase their productive resources Government goods and services- Goods and services that are bought by governments Export goods and services- Goods and services that are produced in one country and sold in other countries Factors of production- The productive resources that are used to produce goods and services- land, labor, capital, and entrepreneurship Land- The ‘gifts of nature,’ or natural resources, that we use to produce goods and services Labor- The work time and work effort that people devote to producing goods and services Human capital- The knowledge and skills that people obtain from education, on the job training, and work experience Capital- Tools, instruments, machines, buildings, and other items that have been produced in the
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