Busy. Please wait.

Forgot Password?

Don't have an account?  Sign up 

show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

By signing up, I agree to StudyStack's Terms of Service and Privacy Policy.

Already a StudyStack user? Log In

Reset Password
Enter the email address associated with your account, and we'll email you a link to reset your password.

Remove ads
Don't know (0)
Know (0)
remaining cards (0)
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
restart all cards

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chapter 19

Civics and Economics chapter 19 definitions

Goods tangible products that we use to satisfy our wants and needs
Services work performed by a person for someone else
Factors of Production resources necessary to produce goods and services
Natural Resources gifts of nature that make production possible
Labor human effort directed toward producing goods and services
Capital previously manufactured goods used to make other goods and services
Entrepreneur individual who starts a new business, introduces a new product, and improves a management technique
Gross Domestic Product (GDP) total dollar value of all final goods and services produced in a country during a single year
Standard of Living the material well-being of an individual, group or nation measured by how well their necessities and luxuries are satisfied
Market free and willing exchange of goods and services between buyers and sellers
Factor Market a market where productive resources are bought and sold
Product Market a market where producers offer goods and services for sale
Productivity the degree to which resources are being used efficiently to produce goods and services
Specialization when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
Division of Labor the breaking down of a job into separate, smaller tasks to be performed individually
Economic Interdependence a reliance on others, as they rely on you, to provide goods and services to be consumed
Capitalism a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits
Free Enterprise economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
Consumer Sovereignty the role of consumer as the ruler of the market, determining what products will be produced
Private Property Rights the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others
Competition the struggle that goes on between buyers and sellers to get the best products at the lowest prices
Profit the money a business receives for its products or services over and above its costs
Profit Motive the driving force that encourages individuals and organization to improve their material well-being
Voluntary Exchange the act of buyers and sellers freely and willingly engaging in market transactions
Laissez-faire Economics economic system where government should not interfere in the marketplace
Created by: alexislloyd