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Chap. 19 Vocab.
vocabulary
Term | Definition |
---|---|
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 |