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chap 19

goods tangible product that we use to satisfy our wants and needs
services worked performed by a person form someone else
factors of production resources necessary to produce goods and services
natural resorces gifts of nature that make production possible
labor human effort directed towards producing good and services
capital previously manufactured good used to make other goods and services
entrepreneur individual who starts a new business introduce a new product and improves a management echnique
gross domestic product total dollar values of all final goods and services produce in country during a single year
standard of living of living the material well-being of an individual,group,or nation measured by how well their necessities and luxuries are satisfied
market free ans willing exchange of goods ans services between buyers and sellers
factors of market a market when productive resources are brought to solid
product market a market where producers offer goods and services for sale
productively the degree to which resources are being used efficiently to produce good and services
specialzation when people,businesses,regions, and /or nations concentrate on goods and services that they can produce better then anyone else
divison of labor the breaking down of jobs into separate smaller tasks to be performed individually
economics the study of how individual and nations make choices about ways to use scarce resources to fulfill their needs and wants
independence self-reliance and freedom from outside control
capitalism a system in which provides citizens own most if not all of the means of production production and describes how to use then right within legislators limits
free enterprise economic systems in which individuals are allowed to compete for profit with minimum of government interference
consumer soveregity the rule of the consumer is the rule 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 product with the lowest profit
profit the money a business receives for a products or services over and above its costs
profit motive the driving force that encourages individuals and organizations to improve their material well-being
voluntary exchange the act by 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: somonnemclean