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An individual who starts a new business, introduces new produces, and improve processes
Gross Domestic Product
The total value in dollars of all the final goods and services produced in a country during a single year
A measure of the amount of output produced by a given level of inputs in a specific period of time
People, businesses, regions, or even countries concentrate on goods and services that they can produce better than anyone else
an economic system in which private citizens own and use the factors of production in order to seek a profit
economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
Describes the consumer as the "king" or ruler, of the market, the one who determines what products will be produced
private property rights
Citizens have the freedom to own and use, or dispose our own property as we choose as long as we don't interfere with the rights of others.
the driving force that encourages individuals and organizations to improve their material well-being
The act of buyers and sellers freely and willingly engaging in market transactions
A table that lists the various quantities of product or service that someone is willing to buy over a range of prices.
is a graph that shows the amount of a product that would be bought at all possible prices in the market
Various quantities of a good or service that producers are willing to sell at all possible market prices
law of supply
The principle that suppliers will normally offer more for sale at higher prices and less at lower prices
A graph that shows the amount of a product that would be supplied at all possible prices int he market.
A measure of how the quantity supplied of a good or service changes in response to changes in price
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