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Chapter 19 Vocab
The American Economy
| Term | Definition |
|---|---|
| Goods | Tangible objects we use to satisfy our wants and needs |
| Services | Work performed by someone |
| Factors of Production | Resources necessary to produce something |
| Natural Resources | Gifts f nature that make production possible |
| Labor | Humans working towards something |
| Capital | Previously manufactured goods used to make other goods and services |
| Entreprenuer | Someone who starts a new business |
| Gross Domestic Product (GDP) | Total dollar value of all final goods and services produced in a country |
| Standard of Living | The material well-being of an individual |
| Market | Free and willing exchange of goods and services |
| 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 effectively |
| Specialization | When people concentrate on goods and services they can produce better than anyone else |
| Division of Labor | The breaking down of jobs into smaller, different jobs |
| Economic Interdependence | A reliance on others, as they rely on you |
| Capitalism | A system in which private citizens own most, if not all of the businesses and production |
| Free Enterprise | Economic system in which individuals and businesses are allowed to compete in the market |
| Consumer Sovereignty | The role of consumers as the ruler of the market |
| Private Property Rights | The freedom to all to use the property we own as we choose |
| Competition | The struggle that goes on between buyers and sellers |
| Profit | Money businesses receive for their products or services |
| Profit Motive | The driving force that encourages individuals to make money and improve their well being |
| Voluntary Exchange | The act of buyers and sellers freely and willingly engaging in market transactions |
| Laissez-Faire Economics | Economic system in where government shall not intervene with the market |
Created by:
alecperrell
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