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Chapter 19
Vocabulary
Term | Definition |
---|---|
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 towards 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 management technique |
Gross Domestic Product (GDP) | total dollar value system of congressional representation |
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 concentration goods and service 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 other, as they rely on to you to provide goods and services to be consumed |
Capatalism | 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 rule 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 | driving force that encourages individuals and organizations 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 |
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