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31 Cards in this Set
- Front
- Back
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Labor
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Human effort directed toward producing goods and services
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Capital
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Previously manufactured goods used to make other goods and services
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Entepreneurs
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Individuals who start new businesses, introduce new products, and improve management techniques
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Consumer Sector
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A place where workers earn wages, salaries, and tips in exchange for their labor
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Business Sector
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Receives payments in the product markets where they sell goods and services to consumers
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Foreign Sector
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A portion of the flow of economic activity representing all the countries in the world
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Gross Domestic Product
(GDP) |
Total dollar value of all final goods and services produced in a country during a single year
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Standard of Living
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The material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
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Factor Market
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A market where productive resources are bought and sold
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Product Market
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A market where producers offer goods and services for sales
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Economic Growth
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Occurs when a nation's total output of goods and services increases over time.
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Productivity
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The degree to which resources are being used efficiently to produce goods an services
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Specialization
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When people, businesses, regions, and or nations concentrate on goods and services that they can produce better than anyone else
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Division of Labor
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The breaking down of a job into separate, smaller tasks to be performed individually
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Economic Interdependence
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A reliance on others, as they rely on you, to provide goods and services to be consumed
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Incentive
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Reward offered to try to persuade people to take certain economic actions
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Immediate Gratification
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***Add Later***
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Capitalism
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A system in which private citizens own most, if not all, of the means of production and decide how to used them within legislated limits
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Free Enterprise
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Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
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Consumer Sovereignty
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The role of the consumer as the ruler of the market, determining what products will be produced
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Private Property Rights
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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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Profit
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The money a business receives for its products or services over and above its costs
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Profit motive
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The driving force that encourages individuals and organizations to improve their material well-being
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Voluntary exchange
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The act of buyers and sellers freely and willingly engaging in market transactions
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Consumerism
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A movement to educate buyers about the purchases they make and to demand better and safer products from manufacturers
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Warranty
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The promise made by a manufacturer or a seller to repair or replace a product within a certain time period if it is faulty
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Ethical Behavior
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The responsibility of consumers to respect the rights of producers and sellers
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Disposable Income
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Money income left after all taxes on it have been paid
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Discretionary Income
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Money income left after necessities have been bought and paid for
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Saving
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To set aside income for a period of time so that it can be used later
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Interest
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The payment people receive when they lend money or allow someone else to use their money
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