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Chapter 19 Vocab
| Term | Definition |
|---|---|
| Goods | tangible product that we use to satisfy our wants and needs |
| Service | 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 |
| Enterpreneur | 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 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, 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 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 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 cost |
| 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 market transactions |
| Laissez-faire Economics | economic system where government should not interfere in the marketplace |
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