click below
click below
Normal Size Small Size show me how
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 |