Ch. 19 The American Economy

He is known for writing "The Wealth of Nations", the basic principles of Capitalism.

The father of Capitalism who wrote the book "The Wealth of Nations"

work performed by a person for someone else; intangible

The total value of all the final goods and services produced in a country in one year is its...

written by Adam Smith, promoted laissez-faire, free-market economy, and supply-and-demand economics

The value in dollars of all final goods and services produced in the U.S. in a year is

freedom of private businesses to operate competitively for profit with minimal government regulation

Any resource found in nature that is used to produce goods and services

meeting place or mechanism that allows buyers and sellers to come together

idea that the government should not interfere in the marketplace; "to let alone"

Tangible products that we use to satisfy our wants and needs.

the process of concentrating on and becoming expert in a particular subject or skill.

Which of the following is NOT one of the "factors of production"?

the principle that people have the right to control their possessions and use them as they wish

Which of the following is Not one of the 4 sectors of the economy?

The four sectors, business, consumer, government, and foreign are all part of

the breaking down of a job into separate, smaller tasks to be performed individually

The government receives the majority of its revenue from

the driving force that encourages individuals and organizations to improve their material well-being

individuals who start new businesses, introduce new products, and improve management techniques

The quality of life based on the possession of necessities and luxuries is called

markets in which firms sell final goods and services to households

the role of consumer as the ruler of the market, determining what products will be produced

economic system in which the factors of production are privately owned and operated for profit

the resources that are used to make goods and services;land, labor, capital, entrepreneurship

Consumers earn their income in ________ markets where productive resources are bought and sold.

the sum of the skills, abilities, health, and motivation of people

countries rely on each other to provide goods and services; activities in one part of the country or world affect others

the act of buyers and sellers freely and willingly engaging in market transactions

Which is NOT one of the 4 factors of production?

the struggle among producers for the dollars of consumers

the physical and mental effort used to produce goods and services