Chapter 19 Flashcards Preview

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Flashcards in Chapter 19 Deck (25)
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1
Q

Goods

A

Tangible products that satisfy needs && wants

2
Q

Services

A

Work that is preformed for someone else

3
Q

Factors of Production

A

Type of resources - natural , labor , capital , && enterprise that are necessary to produce goods && services

4
Q

Natural Resources

A

All the things in nature that make production possible

5
Q

Labor

A

The nations labor force && Human Resources; physical && mental talents that people contribute to production of goods && services

6
Q

Capital

A

Tools , machinery , && buildings used to make goods

7
Q

Entrepreneur

A

One who starts a new business , introduced a new product , && improved management techniques

8
Q

Gross Domestic Product (( GPD))

A

Total value , in dollars , of all final goods && service produced in a country during a single year

9
Q

Standard of living

A

Quality of life based on possible of necessities && luxuries that make life easier

10
Q

Factor market

A

Market where productive resources are bought && sold

11
Q

Product market

A

Market where producers offer goods && services for sale

12
Q

Productivity

A

Measure of the amount of output produced by a given amout by inputs in a specific period of time

13
Q

Specialization

A

Concentration on goods or services that one , business , or nation can produce better than anyone

14
Q

Division of labors

A

The breaking down of a job in separate , smaller tasks , which are preformed by different workers

15
Q

Economic independence

A

The reliance of others to provide the goods && services consumed

16
Q

Capitalism

A

An economic system in which private citizens own && use the factors of production in order to seek profit

17
Q

Free enterprise

A

A kind of economy in which competition is allowed to flourish with a minimum of gov interference

18
Q

Consumer sovereignty

A

Situation in which consumer determined what produces will be produced

19
Q

Private property rights

A

Feature of capitalism in which people have the freedoms to own && use their property as they choose as long as it does not interfere with the rights of others

20
Q

Competition

A

Struggles that goes on between buyers && Sellers to get the best products at the lowest price

21
Q

Profit motive

A

Divorcing force the encourages one && organizations to improve their material well - being

22
Q

Voluntary exchange

A

Act of buyers && sellers freely && willingly engaging in market transactions

23
Q

Ethical behavior

A

The consumer’s responsibility to respect the rights of the people produced sellers

24
Q

Disposable income

A

Income a person has left after taxes

25
Q

Discretionary income

A

Money left after paying for necessities that can be used to satisfy wants