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chapter 19

TermDefinition
goods tangible products that we use to satisfy our wants and needs
services work preformed by a person for someone else
factors of production resources necessary to produce a product
natural resources gifts of nature that make production possible
labor human effort directed to making goods and services
capital previous manufactured goods used to make other goods and services
entrepreneur a person who introduces a new business with a new product
gross domestic product (gdp) total dollar value of all final goods and services
standard of living the material well-being of an individual, group, or nation
market free and willing exchange of goods and services between buyers and sellers
factor market a market where productive resources are bought and sold
product market where producers offer a product on sale
productivity a degree to which resources are being used efficiently to produce goods and services
specialization when a group or nation concentrate on producing a good that they are best at
division of labor the breaking down of a job into separate, smaller tasks to be preformed individually
economic interdependence a reliance on others, as they rely on you, to produce a product
capitalism a system in which private citizens own most, if not all, of the means of production
free enterprise a system where individuals can compete for a profit with little government interference
consumer sovereignty the role of consumer as the ruler of the market
private property rights the freedom to own and use our own property as we choose as long as we don't interfere with others rights
competition the struggle in price that goes between two or more buyers and sellers
profit the gain in money from your product
profit motive the driving force that encourages individuals to improve there material well-being
voluntary exchange the act of buyers and sellers freely and willingly engaging in market transactions
laissez-faire economics a economic system where the government has no control over the market place
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