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chapter 19
definitions
Question | Answer |
---|---|
Goods | products we use to satisfy our needs and wants |
sevice | work prefomed by a person |
factors of production | recorces necissary to produce goods and services |
natural recorces | gifts of nature |
labor | human effort directed toward producing |
capital | priviously manurfactured goods |
entrepreneur | |
Gross demestic product | |
standard of living | |
market | |
factor market | |
product market | |
productivity | |
specilization | |
division of labor | |
interdependace | |
capitalism | |
free enterprise | |
consumer sovereignty | |
private property rights | |
competition | |
profit | |
profit motive | |
voluntary exchange | |
laissez-faire economics |