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Chapter 19 The American Economy

Dr. Reimer

You Betcha!

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2.reliance on others, as they rely on you, to provide goods and services to be consumed
3.system where groups and individuals are allowed to compete for profit with a minimum of government interference
7.market where producers offer goods and services for sale
8.breaking down tasks into smaller manageable tasks
9.the degree to which resources are used efficiently to produce goods and services
10.the role of the consumer as the rler of the market
13.money earned by putting money on deposit
17.Money left after purchasing needs
18.freedom to own and use our property as we see fit, as long as we do no interfere with the rights of others
20.Putting aside money for use later
21.human effort directed toward producing goods and services
23.market where productive resources are bought and sold
24.the struggle between buyers and sellers to get the best products at the best proce
25.previously manufactured goods used to make other goods and services
26.movement to educate buyers about products, and how to deal with manufacturers
27.tangible products we use to satisfy our wants and needs
28.Gifts of nature that make production possible
29.the responsibility of consumers to respect the rights of producers and sellers
1.total dollar value of all goods and services produced in a country in a calendar year
4.a system in which individuals own most, if not all, of the factors of production
5.the money a business receives for goods and services above its costs
6.buyers and sellers freely and eillingly exchanging goods in the free market
11.the material well being of a person, group or a nation
12.individual who starts business, introduces new products, and improrve management techniques
14.the driving force behind free enterprise
15.resources needed to produce goods and services
16.when people, businesses, or regions concentrate on goods or services that they produce or do better than other areas or people
17.Money left after you pay taxes
19.promise made by a manufacturer or seller to repair or replace a product
22.Work performed by a person for someone else

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