vocab
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 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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captial | previously manufactured goods to make other goods and services
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entrepreneur | individual who starts a new business introduces a new product improves a management technique
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gross domestic product | total dollar value of all final goods and services produce in a country during a single year
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standard of living | the material of well being of an individual group or nation measured by how well their necessities and luxuries are satisfied
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market | free and willing exchange of goods and services between buyers sellers
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factor market | a market where productive resources are brought and sold
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product market | a market where producers offer goods and services
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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 business 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 preformed individually
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economic interdependence | a reliance on others, as the rely on you, to provide goods and services to be consumed
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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 sovereighty | the role of the consumer as the ruler 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 will laws
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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 recieves for its products or services
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profit motive | the driving force encourages individuals and organizations to improve their material well-being
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voluntary exchange | the acts 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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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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