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CHAPTER 19 AMERICAN CIT

Terms

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economic freedom
the right to choose the job or occupation we would like to have falls under this feature of capitalism.
consumer goods
are not a factor of production.
consumer
market sector purchases the largest share of all output.
factor market
type of markets where productive resources are brought and sold.
labor
the physical and mental talents that people contribute to the production of goods and services.
productivity
a measure of the amount of output produced by a given amount of inputs in a specific period of time.
laissez-faire
the philosophy that government should not interfere in the marketplace.
profit
the amount of money left over after all the costs of production had been paid.
economic interdependence
relying on others and others relying on us to provide goods and services to consume.
competition
the struggle that goes on between buyers and sellers to get the best products at the lowest prices.
taxes on businesses and individuals
where the government sector recieves most of its revenues.
consumer sovereignty
term that describes the consumer as ruler of the market.
entrepreneurs
individuals who start new businesses, introduce, new products, and improve management techniques.
the profit motive
the driving force that encourages individuals and organizations to improve their material.
foreign market sector
is the only one that the U.S sells products to as well as buys products from.
capital
a factor of production such as the equipment and tools used to build your school.
standard of living
quality of life based on the possession of neccessities and luxuries that make life easier.
the division of labor
breaking down into separate, smaller tasks, which are performed by different workers.
private property rights
feature of capitalism gives people the incentive to work, save, and invest so they can keep any gains that they might earn.
goods
tangible products like books and automobiles.
GDP
total value, in dollars, and all the final goods and services produced in a country during a single year.
human capital
the sum of the skills, abilities, and motiviation of people.
secondhand
are the type of sales that are not counted as part of the GDP.
specialization
when people or groups concentrate on goods or services that they can produce better than anyone else.
product market
type of markets where producers offer goods and services for sale.
1200s
the opening of trade routes to the East, had started major changes in this economic organization in europe began.
voluntary exchange
the act of buyers and sellers freely and willingly engaging in market transactions.
markets
feature of captiatlism connects the different sectors of the economy.

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