chapter 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 products that we use to satisfy our wants and needs
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services | work preformed by a person for someone else
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factors of production | resources necessary to produce a product
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natural resources | gifts of nature that make production possible
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labor | human effort directed to making goods and services
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capital | previous manufactured goods used to make other goods and services
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entrepreneur | a person who introduces a new business with a new product
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gross domestic product (gdp) | total dollar value of all final goods and services
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standard of living | the material well-being of an individual, group, or nation
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market | free and willing exchange of goods and services between buyers and sellers
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factor market | a market where productive resources are bought and sold
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product market | where producers offer a product on sale
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productivity | a degree to which resources are being used efficiently to produce goods and services
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specialization | when a group or nation concentrate on producing a good that they are best at
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division of labor | the breaking down of a job into separate, smaller tasks to be preformed individually
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economic interdependence | a reliance on others, as they rely on you, to produce a product
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capitalism | a system in which private citizens own most, if not all, of the means of production
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free enterprise | a system where individuals can compete for a profit with little government interference
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consumer sovereignty | the role of consumer as the ruler of the market
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private property rights | the freedom to own and use our own property as we choose as long as we don't interfere with others rights
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competition | the struggle in price that goes between two or more buyers and sellers
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profit | the gain in money from your product
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profit motive | the driving force that encourages individuals to improve there material well-being
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voluntary exchange | the act of buyers and sellers freely and willingly engaging in market transactions
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laissez-faire economics | a economic system where the government has no control over the market place
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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:
robertolulecaballero
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