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chapter 19 vocabular
Civics
| Question | Answer |
|---|---|
| tangible products that we use to satisfy our wants and needs | Goods |
| work performed by a person for someone else | Services |
| resources necessary to product goods and services | Factors of Production |
| gifts of nature that make production possible | Natural Resources |
| human effort directed toward producing goods and services | Labor |
| previously manufactured goods used to make other goods and services | Capital |
| individual who starts a new business, introduces a new product, and improves a management technique | Entrepreneur |
| total dollar value of all final goods and services produced in a country during a single year | Gross Domestic Product (GDP) |
| the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied | Standard of Living |
| free and willing exchange of goods and services between buyers and sellers | Market |
| a market where productive resources are brought and sold | Factor Market |
| a market where producers offer goods and services for sale | Product Market |
| the degree to which resources are being used efficiently to produce goods and services | Productivity |
| when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else | Specialization |
| the breaking down of a job into separate, smaller tasks to be performed individually | Division of Labor |
| a reliance on others, as they rely on you, to provide goods and services to be consumed | Economic Interdependence |
| 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 | Capitalism |
| economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference | Free Enterprise |
| the role of consumer as the ruler of the market, determining what products will be produced | Consumer Sovereignty |
| the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others | Private Property Rights |
| the struggle that goes on between buyers and sellers to get the best products at the lowest prices | Competition |
| the money a business receives for its products or services over and above its costs | Profit |
| the driving force that encourages individuals and organizations to improve their material well-being | Profit Motive |
| the act of buyers and sellers freely and willingly engaging in market transactions | Voluntary Exchange |
| economic system where government should not interfere in the marketplace | Laissez-Faire Economics |
Created by:
whitneybutler
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