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content vocalbulary

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Term
Definition
show tangible products that we use to satisfy our wants and needs  
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show work performed by a person for someone else  
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factors of production   show
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show gifts of nature that make production possible  
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show human effort directed towards producing goods and services  
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show previously manufactured goods used to make other goods and services  
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show individual who starts a new business introduces a new product and improves a management technique  
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gross domestic product (GDP)   show
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show the material well being of an individual group or nation measured by how well their necessities and luxuries are satisfied  
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market   show
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show a market where productive resources are bought and sold  
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show a market where producers offer goods and services for sale  
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productivity   show
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show when people businesses regions and or nations concentrate on goods and services that they can produce better than anyone else  
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show the breaking down of a job into separate smaller tasks to be preformed individualy  
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show a reliance on others as they rely on you to provide goods and services to be consumed  
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capitalism   show
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free enterprise   show
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consumer sovereignty   show
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show the freedom to own and use our own property as we choose as long as we do not interfere with the rights of others  
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show the struggle that goes on between buyers and sellers to get the best products at the lowest price  
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profit   show
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show the driving force that encourages individuals and oganisations to improve their matereal well being  
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voluntary exchange   show
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show economic system where government should not interfere in the market  
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Created by: ColeGillespie
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