Term
| What are some of the characteristics of capitalism? |
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Definition
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Term
| What are the factors of production? |
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Definition
| natural resources, la or, capital, and entrepreneurs |
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Term
| What is disposable income? |
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Definition
| the money income that a person has left after taxes |
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Term
| Where is the government's role strictly limited to those few actions needed to ensure free competition in the market place? |
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Definition
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Term
| What is Gross Domestic Product? |
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Definition
| the total value of all final goods and services produced in a year |
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Term
| What are used to make other products? |
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Definition
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Term
| What is a group that provides information about local buisnesses and wains consmers about dishonest busness practices? |
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Definition
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Term
| Where do consumers earn their income? |
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Definition
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Term
| Who was the author of "Wealth of Nations"? |
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Definition
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Term
| What can specialization improve? |
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Definition
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Term
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Definition
| a promise made m=by a manucavturer or a seller to repair or replace a product with a certain period of time if it is faulty |
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Term
| What does the Gross Domestic Product do? |
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Definition
| measures quantity but it doesnt accuratley reflect imprivements in the quality of products |
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