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Civics Ch.19 voc
| Question | Answer |
|---|---|
| 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 | |
| capital | |
| entrepreneur | |
| gross domestic product | |
| standard of living | |
| market | |
| factor market | |
| product market | |
| productivity | |
| specialization | |
| division of labor | |
| economic interdependence | |
| capitalism | |
| free enterprise | |
| consumer sovereignty | |
| private property rights | |
| competition | |
| profit | |
| profit motive | |
| voluntary exchange | |
| laissez-faire economics |