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chap 19
| Term | Definition |
|---|---|
| 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
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