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Chap. 19

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.

good   tangible products that we use to satisfy our wants and needs  
services   work performed by a person for someone  
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 production   total dollar value of all final goods and services produced in 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 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 of 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 ans 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   economics 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   economics system where government should not interfere in the marketplace  


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