Today's Theme is
Understanding Economic Factors
(8 vocabulary terms)

Economic Factors

The basic elements affecting financial matters

Government Policy

A plan or course of action intended to influence and determine decisions, actions, and other matters

Inflation

A general increase in prices and fall in the purchasing value of money.

Interest Rates

the percent charged, or paid, for the use of money.

Taxes

A means by which governments finance their services by imposing charges on citizens and corporate entities

Economic System

An organized way in which a nation
allocates its resources and apportions goods and services in the
nation

Opportunity Cost

a benefit that a person could have received, but gave up, to take another course of action

Factors of Production

the inputs that are used in the production of goods or services

Four Factors of Production

• Capital
• Entrepreneurship
• Land
• Labor

Capital

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Land

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Labor

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Entreprenership

Who Are We

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