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chapter 19
| Term | Definition |
|---|---|
| goods | tangible products that we use to satisfy our wants and needs |
| services | work preformed by a person for someone else |
| factors of production | resources necessary to produce a product |
| natural resources | gifts of nature that make production possible |
| labor | human effort directed to making goods and services |
| capital | previous manufactured goods used to make other goods and services |
| entrepreneur | a person who introduces a new business with a new product |
| 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 | where producers offer a product on sale |
| productivity | a degree to which resources are being used efficiently to produce goods and services |
| specialization | when a group or nation concentrate on producing a good that they are best at |
| division of labor | the breaking down of a job into separate, smaller tasks to be preformed individually |
| economic interdependence | a reliance on others, as they rely on you, to produce a product |
| capitalism | a system in which private citizens own most, if not all, of the means of production |
| free enterprise | a system where individuals can compete for a profit with little government interference |
| consumer sovereignty | the role of consumer as the ruler of the market |
| private property rights | the freedom to own and use our own property as we choose as long as we don't interfere with others rights |
| competition | the struggle in price that goes between two or more buyers and sellers |
| profit | the gain in money from your product |
| profit motive | the driving force that encourages individuals to improve there material well-being |
| voluntary exchange | the act of buyers and sellers freely and willingly engaging in market transactions |
| laissez-faire economics | a economic system where the government has no control over the market place |
Created by:
robertolulecaballero
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