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Civics Ch.19 voc
Question | Answer |
---|---|
goods | tangible products that we use to satisfy our wants and needs |
services | work performed by a person for someone else |
factors of production | resources necessary to produce goods and services |
natural resources | gifts of nature that make production possible |
labor | |
capital | |
entrepreneur | |
gross domestic product | |
standard of living | |
market | |
factor market | |
product market | |
productivity | |
specialization | |
division of labor | |
economic interdependence | |
capitalism | |
free enterprise | |
consumer sovereignty | |
private property rights | |
competition | |
profit | |
profit motive | |
voluntary exchange | |
laissez-faire economics |