Chapter 18 & 19 Vocabulary

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18 & 19 Vocab.
halopez
Flashcards by halopez, updated more than 1 year ago
halopez
Created by halopez almost 8 years ago
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Economics the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants
wants a thing we would like to have, such as entertainment, vacations, or an item that makes life comfortable and enjoyable
needs requirements or survival, such as food, clothing, and shelter
scarcity not having enough resources to produce all of the things we would like to have
Factors of production resources necessary to produce goods and services
LAND considered a factor of production; the use of all naturally occurring resources provided by land ex. natural water
LABOR considered a factor of production; the work done by employees for the company
Capital considered a factor of production; the resources used by the company and the skills gained by workers
Entrepreneurship considered a factor of production; the marketing and communication by a company to the public
Entrepreneur individual who starts a new business, introduces a new product, and improves a management technique
trade-off the alternative you face if you decide to do one thing rather than another
opportunity cost the cost of the next best alternative use of time and money when choosing to do one thing rather than another
Gross Domestic Product (GDP) total dollar value of all final goods and services produced in a country during a single
Circular Flow Model the flow of resources, goods and services, and money is actually circular; economists use this model to show how economic decision making in the market system works
factor market a market where productive resources are bought and sold
product markets a market where producers offer goods and services for sale
specialization when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
division of labor the breaking down of a job into separate, smaller tasks to be performed individually
Adam Smith Father of Free Enterprise
capitalism a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits
free enterprise system aka market economy economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
consumer sovereignty the role of consumer as the ruler of the market, determining what products will be produced
private ownership of resources a situation in which a company is owned by private shareholders
competition the struggle that goes on between buyers and sellers to get the best products at the lowest prices
profit motive the driving force that encourages individuals and organizations to improve their material well-being
Laissez-faire economics economic system where government should not interfere in the marketplace
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