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chapter 19
content vocab
| Question | Answer |
|---|---|
| goods | tangible products that we use to satisfy our wants and needs |
| services | work performed for someone else |
| factors of production | resources necessary to produce goods |
| natural resources | "gifts of nature" that make production possible |
| labor | the nation's workforce |
| capital | manufactured goods used to make other goods |
| entrepreneur | an individual who starts a new business, introduces, new products, and improves processes |
| GDP | the total value, in dollars, of all the final goods and services produced in a country during a single year |
| standard of living | the quality of life based on the possession of necessities and luxuries that make life easier. |
| market | the free and willing exchange of goods and services between buyers and sellers |
| factor market | the markets where productive resources are bought and sold |
| product markets | markets where producers offer goods and services for sale |