Flashcards
Chapter 19 Vocabulary
Cards in this deck (15)
- 1Factors of ProductionIt’s Capital, Labor, Entrepreneurs, Natural Resource.
- 2RevenueThe income that a government collects for public use.
- 3Division of LaborThe breaking down of a job into separate, smaller tasks to be performed individually.
- 4ProductivityThe degree to which resources are being used efficiently to produce goods and services.
- 5Gross Domestic Product (GDP)Value of all final goods and services produced within a country in a given period.
- 6CapitalismA system in which private citizen own most, if not all, of the means of production and decide how to use them within legislated limits.
- 7Free EnterpriseEconomic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference.
- 8Marketplaces where goods & services can be freely exchanged.
- 9Factor MarketsA market where productive resources are bought and sold.
- 10Profit MotiveThe driving force encouraging individuals make money to improve their well being. Drives growth and innovation (creation of new ideas and products).
- 11Economic Freedompeople and businesses are free to choose how they make money.
- 12Consumer SovereigntyConsumer determined what product will be produced.
- 13Private Property RightsIndividuals and businesses are free to own and use property to make money
- 14Importsa good purchased from one country by another
- 15OutsourcingSending jobs overseas, causing on increase in imports and a decrease in exports.
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- 9th grade Economics (Study Guide for Chapter 18 and 19) Flashcards on Chapter 19 Vocabulary, created by Kasidy Thompson on 24/02/2017.
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- Kasidy Thompson · Feb 2017
- Updated
- Feb 24, 2017
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