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Chapter 19
| Term | Definition |
|---|---|
| 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 | Human effort directed toward producing goods and services |
| Capital | Previously manufactured goods used to make other goods and services |
| Entrepreneur | Individual who starts a new business, introduces a new product, and improves management technique |
| Gross Domestic Product (GDP) | Total dollar value of all final goods and services produced in a country during a single year |
| Standard of Living | The material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied |
| 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 | 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, businesses, 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 separate, smaller tasks to be performed individually |
| Economic Interdependence | A reliance on others, as they rely on you, to provide goods and services to be consumed |
| 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 |
| Free Enterprise | Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference |
| Consumer Sovereignty | The role of consumer as the ruler of the market, determining what products will be produced |
| Private Property Rights | The freedom to own and use our 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 business receives for its products or services over and above its costs |
| Profit Motive | The driving force that encourages individuals and organizations to improve their material well-being |
| Voluntary 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 marketplace |
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