chap 19
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| goods | tangible product that we use to satisfy our wants and needs
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| services | worked performed by a person form someone else
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| factors of production | resources necessary to produce goods and services
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| natural resorces | gifts of nature that make production possible
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| labor | human effort directed towards producing good and services
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| capital | previously manufactured good used to make other goods and services
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| entrepreneur | individual who starts a new business introduce a new product and improves a management echnique
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| gross domestic product | total dollar values of all final goods and services produce in country during a single year
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| standard of living of living | the material well-being of an individual,group,or nation measured by how well their necessities and luxuries are satisfied
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| market | free ans willing exchange of goods ans services between buyers and sellers
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| factors of market | a market when productive resources are brought to solid
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| product market | a market where producers offer goods and services for sale
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| productively | the degree to which resources are being used efficiently to produce good and services
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| specialzation | when people,businesses,regions, and /or nations concentrate on goods and services that they can produce better then anyone else
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| divison of labor | the breaking down of jobs into separate smaller tasks to be performed individually
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| economics | the study of how individual and nations make choices about ways to use scarce resources to fulfill their needs and wants
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| independence | self-reliance and freedom from outside control
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| capitalism | a system in which provides citizens own most if not all of the means of production production and describes how to use then right within legislators limits
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| free enterprise | economic systems in which individuals are allowed to compete for profit with minimum of government interference
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| consumer soveregity | the rule of the consumer is the rule of the market determining what products will be produced
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| 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
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| competition | the struggle that goes on between buyers and sellers to get the best product with the lowest profit
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| profit | the money a business receives for a products or services over and above its costs
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| profit motive | the driving force that encourages individuals and organizations to improve their material well-being
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| voluntary exchange | the act by buyers and sellers freely and willingly engaging in market transactions
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| laissez faire economics | economic system where government should not interfere in the marketplace
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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.
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Created by:
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