WSHS - C/E - Chap 19 Vocabulary - Boyd/Tedder
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| goods | tangible products that we use to satisfy our wants and needs
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| services | work performed by a person for someone else
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| factors of production | resources necessary to produce goods and services
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| natural resources | gifts of nature that make production possible
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| labor | human effort directed toward producing goods and services
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| capital | previously manufactured goods used to make other goods and services
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| entrepreneur | individual who starts a new business, introduces, a new product, and improves a management technique
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| Gross Domestic Product | GDP; total dollar value of all final goods and services produced in a country during a single year
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| standard 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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| output | something produced
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| innovate | to introduce or create something new
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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 | a market where producers offer goods and services for sale
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| productivity | the degree to which resources are being used efficiently to produce goods and services
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| specialization | when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
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| division of labor | the breaking down of a job into separate, smaller tasks to be performed individually
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| economic interdependence | a reliance on others, as they rely on you, to provide goods and services to be consumed
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| sector | a segment or distinct part
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| consume | to use up
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| input | resources factored into the economy
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| 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
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| free enterprise | economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
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| consumer sovereignty | the role of consumer as the ruler of hte 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 products at the lowest prices
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| profit | the money a business receives for its products or services over and above its costs
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| profit motive | the driving force that encourages individuals and organizations to imporve their 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 | economic system where government should not interfere in the marketplace
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| accumulate | to increase in quantity or size
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| dispose | to throw away or discard
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| incentive | reward offered to try to persuade people to take certain economic actions
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