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Chapter 19 Vocab

The American Economy

TermDefinition
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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