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23 Cards in this Set
- Front
- Back
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goods
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tangible products
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services
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work that is preformed for someone
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factors of production
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resources necessary to produce goods and service
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natral rescorces
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nature made products
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labor
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physical and mental efforts that people contribute to the production of goods and services
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capital
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tools, machinery, and buildings to make other products
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enterprener
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individuals that start businessed, introduce new products, and improve managment techniques
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Gross Domestic Product (GDP)
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the total value, in dollars, of all the final goods and services produced in a contrey during a singal year
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standard of living
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the quality of life based on the possetion of necessities and luxuries that make life easer
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factor market
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the market where productive recorces are brought and sold
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product market
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markets were producers ofer good & services for sale
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productivity
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a measure of the ammount of output produced by a givin amount of input in a spicific perion of time
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specilization
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when people, businesses, regions, and contreys concentrate on goods or sevices that they can produce better that anyone else
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divison of labor
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the breaking down of jobs into seperate, smaller tasks, which are preformed by differant workers
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economic independance
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we rely on others and others rely on us to provide goods and services the we conume
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capitalism
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an economic system in which private citizens own and use the factoers of production in order to seek profit
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free enterprise
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compition is allowed to florish with a minimum amount of governmant interferance
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consumer sovereignty
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the one who determands what products will be produced
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private property rights
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we have freedome to own and use our own property as we choose
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compition
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the struggle that gose on between buyers and sellers to get the best products at the lowest price
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profit
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the amount of money left over after all the costs of production have been paid
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profit motive
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the driving force that encourages individuals and organizations to improve thier material well being
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volentary exchange
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the act of buyers and sellers freely and willingly engaging in market transactions
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