Chapter 19

Card Set Information

Author:
craziibabe47
ID:
10493
Filename:
Chapter 19
Updated:
2010-03-14 20:57:50
Tags:
History
Folders:

Description:
History
Show Answers:

Home > Flashcards > Print Preview

The flashcards below were created by user craziibabe47 on FreezingBlue Flashcards. What would you like to do?


  1. goods
    tangible products that we use to satisfy our wants and needs
  2. sevices
    • work preforemed by a person for someone else
    • (haircuts, entertainment, home repairs)
  3. factors of production
    • resources necessary to produce goods and services
    • (tree, truck, cut tree, sell paper)
  4. natural resources
    • gifts of nature tha tmkae production possible
    • (land, animals)
  5. Labor
    • human effort directed toward producing goods and services
    • (farmers, truckers, carpenters, electricians)
  6. capital
    • previously manufactured goods used to make other goods and services
    • (tools, hammers, machines)
  7. entrepreneur
    • individual who starts a new business
    • (inventer)
  8. GDP
    total dollar value of all final goods and services produced in a country during a single year
  9. Standard of living
    • the material well being of an individual measured by how well thier necessities and luxuries are satisfied
    • (high GDP=high ---)
  10. Factor markets
    • a market where productive resources are bought and sold
    • (labor, work, office)
  11. Product markets
    • a market where producers offer goods and serivces for sale
    • (grocery store, mall)
  12. Consumer Sovereignty
    • the role of consumers as the rulers of the market, determining what products will be produced
    • consumer=king
  13. Profit
    the money a business recieves for its services above its costs
  14. Voluntary Exchange
    the act of buyers and sellers freely and willingly engaging in market transactions
  15. Discretionary Income
    • money income left after necessities have been bought and paid for
    • (extra money: movies, vacation)
  16. disposable income
    • money income left after all taxes on it have been paid
    • (basic needs: food, rent, clothes)
  17. consumerism
    • a movement to educate buyers about the purchases they make
    • to demand better and products from manufacturers

What would you like to do?

Home > Flashcards > Print Preview