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american citizenship test 18&19

heres the terms for ch 18&19

Terms

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Gross Domestic Product
the total value in dollars of the final goods and services produced in a country in a single year
marginal benefit
the extra benefit associated with an action
specialization
takes place when people, businesses, and regions, and even countries concentrate on goods or services that they can produce better than anyone else
free enterprise
competition can flourish without government interference
competition
the struggle that goes on between buyers and sellers to get the best products at the lowedt prices
entrepreneur
individuals who start new businesses, introduce new products, and improve management techniques
trade-off
the alternative you face if you decide to do one thing rather than another
economic models
are simplified representations of the real world that are used to explain how the economy works
economics
the study of how we make decisions in a world where resources are limited
factor market
the markets where productive resources are bought and sold, workers earn wages, people who own land may rent it, and those who own capital exchange it for interest
productivity
the measure of the amount of output produced by a given amount of inputs in a specific period of time
product market
the markets where producers offer goods and services for sale, they get money for those and use it to pay for more natural resources, labor, and capital , which are then used to produce more products to be sold in the product market
marginal cost
is the additional cost of producing one extra unit of output
services
work that is preformed for someone else
factors of production
resources necessary to produce good or services; natural resources, labor, capital, and entrepreneurs
variable cost
expenses that change with the number of products produced
private property rights
freedom to own, use, or dispose of our own property as we choose as long as we do not interefere with the rights of others
division of labor
the breaking down of a job into seperate, smaller tasks, which are preformed by different workers
human capital
the sum of skills, abilities, and motivation of people
scarcity
occurs whenever we don't have enough resources to produce all the things we would like to have
profit motive
the driving force that encourages indiciduals and organizations to improve their well-being
economic interdependence
we rely on others and they rely on us
standard of living
the quality of life based on the possesion of necessities and luxuries that make life easier
wants
things we would like to have that make life more comfortable
consumer sovereignty
the consumer is the one that decides what goods are produced
oppurtunity cost
the cost of the next best use of your time or money when you choose to do one thing rather than another
cost-benefit analysis
an economic model that compares the marginal costs and marginal benefits of a situation
natural resources
all the "gifts of nature" that make production possible
fixed cost
expenses that are the same no matter how many units of goods are produced
goods
tangible products
capitalism
an economic system in which private citizens own and use the factors of production in order to seek profit
labor
the physical and mental efforts that people contribute to the production of goods or services
voluntary exchange
is the act of buyers and sellers freely and willingly exchanging in market transactions
capital
tools, machinery, and buildings used to make other products
profit
is the amount of money left over after all the costs of production have been paid
needs
necessities required for survival

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