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Chapter 19
| Term | Definition |
|---|---|
| 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 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 goods and services between buyers and sellers. |
| factor markets | a market where productive resources are bought and sold |
| product markets | a market where producers offer goods and services for sale |
| productivity | the degree to which resources are being used efficiently 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 separate, smaller tasks to be performed individually |
| economic interdependence | a reliance on others, as they rely on you, to provide goods and services to consumed. |
| capitalism | a system in which private citizens owns most, if not all, of the means of production and decide how to use them within legislated limits |
| free enterprise | economics system in which individuals and businesses are allowed to compete 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 prices. |
| profit | the money a business receives for its 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 of buyers and sellers freely and willingly engaging in the market transactions. |
| laissez-faire economics | economic system where government should not interfere in the marketplace. |
Created by:
joselynnavasantos
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