Chapter 19-The American Economy: Section 1
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factors of production
(natural resources) Land, Labor, Entrepreneurship, Capital
labor
Human effort directed toward producing goods and services
goods
Physical objects such as clothes or shoes
natural resources
Raw materials supplied by nature that come from the earth, the water, or the air and are used to produce goods.
Gross Domestic Product (GDP)
The sum total of the value of all the goods and services produced in a nation
capital
previously manufactured goods used to produce other goods and services
standard of living
quantity and quality of goods and services available to an individual or society
entrepreneur
A person who starts up and takes on the risk of a business
services
Actions or activities that one person performs for another.
