Factors Of Production

resources necessary to product goods and services

gifts of nature that make production possible

human effort directed toward producing goods and services

previously manufactured goods used to make other goods and services

individuals who starts a new business introduces a new product and improves a management technique

Gross Domestic Product

total dollar value of final goods and services produced in a country during a single year

the material well-being of an individuals , group , or nation measured by how well their necessities and luxuries are satisfied

free and willing exchange of goods and services between buyers and sellers

a market where productive resources are bought and sold

a market where producers offer goods and services for sale

the degree to which resources are being used efficiently to produce goods and services

when people , business , regions , and or nations concentrate on goods and services that they can produce better than anyone else

the breaking down of a job into separate smaller task to be performed individually

Economic interdependence

a reliance on others as they rely on you to provide goods and services to be consumed

a system in which private citizens own most , if not all of the means of production and decide how to use them within legislated limits

economic system in which individuals and business are allowed to complete for profits with a minimum of government interference

the role of consumer as the ruler of the market , determining what products will be produced

Private Property Rights

the freedom to own and used our own property as we choose as long as we do not interfere with the rights of other

the struggle that goes on between buyers and sellers to get the best products at the lowest prices

the money a business receives for its product or services over and above its costs

the driving force that encourages individuals and organization to improve their materials well- being

the act of buyers and sellers freely and willingly engaging in market transaction

Laissez-Fair Economics

economic system where government should not interfere in the marketplace

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Chapter 19

Ch.19

Term	Definition
Goods	tangible product that we use to satisfy our wants and needs
Services	work performed by a person for someone else
Factors Of Production	resources necessary to product 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	individuals who starts a new business introduces a new product and improves a management technique
Gross Domestic Product	total dollar value of final goods and services produced in a country during a single year
Standard Of Living	the material well-being of an individuals , 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 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 efficiently to produce goods and services
Specialization	when people , business , 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 task to be performed individually
Economic interdependence	a reliance on others as they rely on you to provide goods and services to be consumed
Capitalism	a system in which private citizens own most , if not all of the means of production and decide how to use them within legislated limits
Free Enterprise	economic system in which individuals and business are allowed to complete for profits 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 used our own property as we choose as long as we do not interfere with the rights of other
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 product or services over and above its costs
Profit Motive	the driving force that encourages individuals and organization to improve their materials well- being
Voluntary Exchange	the act of buyers and sellers freely and willingly engaging in market transaction
Laissez-Fair Economics	economic system where government should not interfere in the marketplace

Created by: marlovillatoro

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