key terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
|
|
||||
---|---|---|---|---|---|
goods | tangible products that we use to satisfy our wants and needs
🗑
|
||||
services | 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
🗑
|
||||
entrepreneur | individual who starts a new business introduces a new product and improves a management technique
🗑
|
||||
gross domestic prduct | 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 and satisfied
🗑
|
||||
market | free and willing exchange of goods and service between buyers and sellers
🗑
|
||||
factor market | a market where productive resources are bought and sold
🗑
|
||||
product market | a market where producers offer goods and service 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 small 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 within 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 price
🗑
|
||||
profit | the money as business receives for its products or service 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
🗑
|
Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Created by:
Tylertoro5
Popular History sets