Chapter 19 Vocab
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Created by:
soccer04rox on May 11, 2011
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25 terms
Terms | Definitions |
|---|---|
 goods | tanglible products that we use to satisfy our wants and needs |
| services | work performed for someone else |
| 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 godds and services |
| capital | previously manufactured goods used to make other goods and services |
| entrepreneur | individual who starts a new buisness or introduces a new product |
| Gross Domestic Product | total dollar value of all final goods and services produced in a country during a year |
| standard of living | the material well being of an individual group or nation measured by how well their necessities and luxeries are satisfied |
| market | free and willing exchange of goods and services between buyers and sellers |
| factor market | a market where productice resources are bought and sold |
| product market | a market where producers offer goods and services for sale |
| productivity | the degree to which resources are being used efficiently to produce goods and services |
| specialization | when people, buisnesses, 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 seperate, smaller tasts to be performed individually |
| economic interdependence | a reliance on others as they rely on you, to produce goods and services to be consumed |
| capitalism | a system in which private citizens own most, if not at all, of the means of production and decide how to use them within legislated limits |
| free enterprise | an economy that relies chiefly on market forces to allocate goods and resources and to determine prices |
| consumer sovereighnty | the role of the consumer as the ruler of the market determing what products will be produced |
| private property rights | the freedom to own and use out own property as we choose as long as we don't 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 buisness recieves 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 |
| volluntary exchange | the act of buyers and sellers freely and willingly engaging in market transactions |
| laissez-faire economics | economic system where government should not interfere in the market place |
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