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chapter 19

definitions

QuestionAnswer
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
Created by: maxfuentes