Chapter 19 Review
56 Slides in 45 minutes
40 Question Test
Time is a valuable economic resource
don’t waste it.

Property rights are a key element of
capitalism and is protected in the
Constitution under the Bill of Rights
Water
Minerals
Land
Natural
Resources
Oil
Laborers
Tools
Technology
Factors
Of
Production
Capital
Human
Resources
Equipment
Entrepreneurs
Ideas
Owner
Specialization
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Consumer goods satisfy the consumers wants
and needs. Such as…
◦ Food, clothes, shelter, jewelry, cars
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Capital goods are used to satisfy the
producers needs. Such as…
◦ Farm equipment, cloth, coal, oil, water
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Factor markets are different from product
markets because factor markets are where
producers buy the supplies they need to
create a product.
Product markets are those in which workers
and consumers buy the products and services
that they want and need.

Economic freedom is the right to choose the
type of job or occupation one desires, as well
as when and where to work.
 Education
increases ones
economic freedom.
Consumers
Government
Smallest
Sector
Economic
Sectors
Foreign
Largest
Sector
Business

When people know they have the right to own
and use property, they feel motivated to
work, save, invest in property, and enjoy the
rewards that come with ownership.
To analyze how the economy is doing.
Right protected
in the 4th
Amendment of
the Constitution
Economic
Freedom
Free
Markets
Private
Property
Capitalism
Features
Voluntary
Exchange
Competition
Profit
Motive
Standard
Of
Living
Gross
Domestic
Product
(GDP)
Productivity
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Goods
Services
Factors of production
Natural resources
Labor
Capital
Entrepreneur
Gross Domestic
Product (GDP)
Standard of living
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Market
Factor market
Product market
Productivity
Specialization
Division of labor
Economic
interdependence
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Tangible product that we use to satisfy our
wants and needs.
Vocabulary

Work performed by a person for someone
else.
Vocabulary
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Resources necessary to produce goods and
services.
Vocabulary
 The
“gifts of nature” that
makes production possible.
◦ Air
◦ Water
◦ Minerals
◦ Time
◦ Land
Vocabulary
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Human effort directed toward producing
goods and services.
Vocabulary
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Previously manufactured goods used to make
other goods and services.
Vocabulary
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Free and willing exchange of goods and
services between buyers and sellers.
Vocabulary
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Individual who starts a new business,
introduces a new product, and improves a
management technique.
Vocabulary
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Total dollar value of all final goods and
services produced in a country during a
single year.
Vocabulary
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The material well-being of an individual,
group, or nation measured by how well their
necessities and luxuries are satisfied.
Vocabulary
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A market where productive resources are
bought and sold.
Vocabulary
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When people, businesses, regions, and/or
nations concentrate on goods and services
that they can produce better than anyone
else.
Vocabulary
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The degree to which resources are being used
efficiently to produce goods and services.
Vocabulary
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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.
Vocabulary
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The breaking down of a job into separate,
smaller tasks to be performed individually.
Vocabulary
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A reliance on others, as they rely on you to
provide goods and services to be consumed.
Vocabulary
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A market where producers offer goods and
services for sale.
Vocabulary
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The role of consumer as the ruler of the
market, determining what products will be
produced.
Vocabulary
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The freedom to own and use our own
property as we choose as long as we do not
interfere with the rights of others.
Vocabulary
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The struggle that goes on between buyers
and sellers to get the best products at the
lowest prices.
Vocabulary
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The driving force that encourages individuals
and organizations to improve their material
well-being.
Vocabulary
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Economic system where government should
not interfere in the marketplace.
Vocabulary
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The act of buyers and sellers freely and
willingly engaging in market transactions.
Vocabulary
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The money a business receives for its
products or services over and above its costs.
Vocabulary
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Economic system in which individuals and
businesses are allowed to compete for profit
with a minimum of government interference.
Vocabulary
a)
b)
c)
d)
total output of goods and services
increases.
total output matches total input.
human resources exceed their natural
resources.
imports equal their exports.
a)
b)
c)
d)
Service
Capital
Consumer
Final
a)
b)
c)
d)
fees collected from citizens using its
services.
the factor market.
taxes on individuals and businesses.
the product market.
a)
b)
c)
d)
permitting consumers to control the
product market.
setting limits on competition among
consumers.
allowing consumers to demand competitive
prices.
providing incentives to make, save, and
spend money.
a)
b)
c)
d)
Consumer
Business
Government
Foreign
a)
b)
c)
d)
divide large jobs into small, separate tasks.
focus on what they do best.
offer incentives to workers.
become self-sufficient.
a)
b)
c)
d)
Individuals may buy and sell property
without paying taxes.
Businesses may compete without
government interference.
Buyers and sellers may conduct business
voluntarily in the marketplace.
Individuals may start new business ventures
at no cost.
a)
b)
c)
d)
Workers lose jobs.
Productivity goes up.
Labor costs increase.
The GDP goes down.
a)
b)
c)
d)
Division of labor
Specialization
Human capital investment
Economic interdependence
a)
b)
c)
d)
Business
Consumer
Foreign
Government
a)
b)
c)
d)
Production factor
Human resource manager
Entrepreneur
laborer
a)
b)
c)
d)
Inputs and outputs
Factors of production
Factor markets
Product markets
a)
b)
c)
d)
Profit motive
Competition
Free enterprise
Voluntary exchange
a)
b)
c)
d)
Grants financial assistance
Offers no assistance
Takes over the business
Restricts competition
a)
b)
c)
d)
The Carrillo family can buy everything they
want and need.
The Vazquez family lives' within walking
distance of the public library.
The Colunga family is happy that
neighborhood crime is on the decline.
The Ayala family enjoy the warm winters of
Michoacan.
a)
b)
c)
d)
Practice innovation in their purchasing
strategies.
Exercise their economic freedom.
Set the prices of goods and services.
Determine what products will be produced.
a)
b)
c)
d)
Back and forth
Sequential
Circular
Linear
a)
b)
c)
d)
support laborers.
encourage trade.
stay out of the marketplace.
help small and large businesses alike.