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goods Tangible products that we use to satisfy our wants and needs.
services Work performed by a person for someone else.
factors of production Resources 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 a new or owns a business.
gross domestic product (GDP) Total dollar value of all final goods and services.
standard of living The material well-being of an individual, group, or nation.
market Free and willing exchange of goods and services between buyers and sellers.
factor market A market where productive resources are bought and sold.
product market A market where producers offer goods and services for sale.
productivity The degree to which resources are being used effieciently to produce goods and services.
specialization When people, businesses, 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 seperate, smaller tasks to be performed individually.
economic interdependence A reliance on others.
capitalism A system in which private citizens own most.
free enterprise Economic system in which individuals and businesses are allowed to compete for profit.
consumer sovereignty The role of consumer as the ruler of the market.
private property rights The freedom to own and use our 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 for the lowest prices.
profit The money a business recieves for its products.
profit motive The driving force for wanting profit.
voluntary exchange The act of buyers and sellers freely and willingly engaging in m arket transactions.
laissez-faire economics Economic system where government should not interfere in the marketplace.
Created by: hayestyner