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chapter 19 The Amercian Economy

Mr. Vaughn

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7.the money a business receives for its products or services over and above its costs
8.human effort directed toward producing goods and services
12.total dollar value of all final goods and services produced in a country during a single year
13.individual who starts a new business, introduces a new product, and improves a management technique
14.the material well-being of an individual, group, or nation measured by how well their necessities and luxuries are satisfied
15.economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference
1.when people, businesses, regions, and/or nations concentrate on goods and services that they can produce better than anyone else
2.a reliance on others, as they rely on you, to provide goods and services to be consumed
3.gifts of nature that make production possible
4.the struggle that goes on between buyers and sellers to get the best products at the lowest prices
5.the act of buyers and sellers freely and willingly engaging in market transactions
6.the breaking down of a job into separate, smaller tasks to be performed individually
9.the degree to which resources are being used efficiently to produce goods and services
10.free and willing exchange of goods and services between buyers and sellers
11.a system in which private citizens own most, if not all, of the means of production and decide how to use them within legislated limits

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