The American Economy
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Goods | Tangible objects we use to satisfy our wants and needs
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| Services | Work performed by someone
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| Factors of Production | Resources necessary to produce something
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| Natural Resources | Gifts f nature that make production possible
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| Labor | Humans working towards something
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| Capital | Previously manufactured goods used to make other goods and services
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| Entreprenuer | Someone who starts a new business
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| Gross Domestic Product (GDP) | Total dollar value of all final goods and services produced in a country
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| Standard of Living | The material well-being of an individual
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| Market | Free and willing exchange of goods and services
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| Factor Markets | A market where productive resources are bought and sold
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| Product Markets | A market where producers offer goods and services for sale
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| Productivity | The degree to which resources are being used effectively
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| Specialization | When people concentrate on goods and services they can produce better than anyone else
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| Division of Labor | The breaking down of jobs into smaller, different jobs
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| Economic Interdependence | A reliance on others, as they rely on you
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| Capitalism | A system in which private citizens own most, if not all of the businesses and production
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| Free Enterprise | Economic system in which individuals and businesses are allowed to compete in the market
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| Consumer Sovereignty | The role of consumers as the ruler of the market
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| Private Property Rights | The freedom to all to use the property we own as we choose
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| Competition | The struggle that goes on between buyers and sellers
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| Profit | Money businesses receive for their products or services
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| Profit Motive | The driving force that encourages individuals to make money and improve their well being
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| Voluntary Exchange | The act of buyers and sellers freely and willingly engaging in market transactions
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| Laissez-Faire Economics | Economic system in where government shall not intervene with the market
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Created by:
alecperrell
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