Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

chapter 19

TermDefinition
goods tangible products that we use to satisfy our wants and needs
services work preformed by a person for someone else
factors of production resource necessary to produce goods and services
natural resources gifts of nature that make production possible
labor human effort directed toward producing goods and services
capital previously manufactured goods used to make other goods and services
entrepreneur individual who starts new business, introduces a new product, and improves a management technique
gross domestic product total dollar value of all final goods and services produced in a country during a single year
standard of living the material well being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
market free and willing exchange of good and services between buyers and sellers
factor market a market where productive resources are brought and sold
product market a market where producers offer good and services for sale
productivity the degree to which resources are being used efficiently to produce goods and services
specialization when people, business, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
division of labor the breaking down of a job into separate, smaller task to be preformed individually
economic interdependence a reliance on others, as they rely on you, to provide goods and services to be consumed
capitalism 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
free enterprise economic system in which individuals and businesses are allowed to complete for profit with a minimum of government interference
consumer sovereignty the role of consumer as the ruler of the market, determining what products will be produced
private property rights the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others
competition the struggle that goes on between buyers and sellers to get the best products at the lowest price
profit the money a business receives for its products or services over and above its cost
profit motive the driving force that encourages individuals and organizations to improve their material well being
voluntary exchange the act buyers and sellers freely and willingly engaging in market transactions
laissez-faire economics economic system where government should not interfere in the marketplace
Created by: stephanieroel1
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards