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CHAPTER 19

TermDefinition
GOODS Tangible products that we use to satify our want and needs.
SERVICES Work performed for someone else.
FACTORS OF PRODUCTION Resources necessary to produce goods and services.
NATURAL RESOURCES Refers to all the "gifts of nature" that make production possible.
LABOR Its human resouces.
CAPITAL The manufactured goods used to make other goods and services.
ENTREPRENEUR The fourth factor of production.
GROSS DOMESTIC PRODUCT (GDP Todal dollar value of all 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 Free and willing exchange of goods and services between buyers and sellers.
FACTOR MARKET The markets where productive resources are bought and sold.
PRODUCT MARKET Markets where producers offer goods and services for sale.
PRODUCTIVITY A measure of the amount of output produced by a given level of inputs in specific period of time.
SPECIALIZATION When people, businesses, regions, or even countries concentrate on goods or services that they can produce better than anyone else.
DIVISION OF LABOR Breaking down a job into small tasks performed by different workers.
ECONOMIC INTERDEPENDENCE A reliance on other, as they rely on you, to provide goods and services to be consumed.
CAPITALISM An economic system in which private citizens own and use the factors of production in order to seek a profit.
FREE ENTERPRISE Another term to describe the American economy.
CONSUMER SOVEREIGNTY To describe the consumer as the "king", or ruler, of the market, the one who determines what products will be produced.
PRIVATE PROPERTY RIGHTS These rights mean that we have the freedom to own and use, or dispose of, or throw away, out own property as we choose as long as we do not interfere with the rights of others.
COMPETITION The struggle between buyers and sellers to get the best products at the lowest prices.
PROFIT The amount of money left over after all the costs of production have been paid.
PROFIT MOTIVE The driving force that encourages individuals and organizations to improve their material well-being.
VOLUNTARY EXCHANGE The act of buyers and sellers freely and willingly engaging in market transactions.
LAISSEZ-FAIRE ECONOMICS A French term, means "to let alone".
Created by: ILIANAE
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