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Chap. 19 Vocab.

vocabulary

TermDefinition
goods
services
factors of production
natural resources
labor
capital
entrepreneur
Gross Domestic Product (GDP)
standard ofliving
output
innovate
market
factor market
product market
productivity
specialization
division of labor
economic
interdependence
sector
consume
input
capitalism
free enterprise
consumer sovereignity
private property rights
competition
profit
profit motive
voluntary exchange
laissez-faire economics
accumulate to increase in quantity or size
dispose
incentive
Created by: emilymarroquin
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