19-1
19-2
19-3
100
individuals who start businesses, introduce new products, and improve management techniques.
What is Entrepreneurs
100
markets where producers offer goods and services for sale.
What is product market
100
the act of buyers and sellers freely and willingly engaging in market transactions
What is Voluntary exchange
200
quality of life based on the possession of necessities and luxuries that make life easier.
What is Standard of living
200
a measure of the amount of output produced by a given amount of inputs in a specific period of time.
What is Productivity
200
term that describes the consumer as ruler of the market
What is consumer sovereignty
300
the physical and mental talents that people contribute to the production of goods and services.
What is Labor
300
type of market where productive resources are bought and sold
What is Factor market
300
the philosophy that government should not interfere in the marketplace
What is laissez-faire
400
tangible products like books and automobiles
What is Goods
400
when people or groups concentrate on goods or services that they can produce better than anyone else
What is Specialization
500
the final goods and services produced in a country during a single year
What is Gross Domestic Product
500
relying on others and others relying on us to provide goods and services to consume.
What is Economic interdependence
M
e
n
u