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Business Chap. 3
Vocabulary words from Chap. 3
5
Other
Not Applicable
09/19/2005

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Cards

Term
Demand
Definition
The quantity of a product or service that consumers are willilng and able to buy at a praticular price.
Term
Labor Productivity
Definition
The quantity of a good an average worker produces in one hour.
Term
Public Goods
Definition
Things that are needed and provided by a community and are equally accessible to everyone.
Term
Standard of Living
Definition
A measure of how well people in a country live - the quantity and quality of wants and needs that are satisfied.
Term
Supply
Definition
The quantity of a product or service that businesses are willing and able to provide at a particular price.
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