American Economy

resources necessary to produce goods and services

• consumer sovereignty

• factors of production

• consumerism

• labor

people starting new businesses and creating new products

• standard of living

• disposable income

• profit motive

• entrepreneurs

abilities that workers contribute to production of goods and services

• specialization

• factors of production

• labor

• consumer sovereignty

measure of the availability of the necessities and luxuries that make life easier

• consumerism

• profit motive

• product markets

• standard of living

markets where producers sell goods and services

• consumerism

• consumer sovereignty

• product markets

• standard of living

concentration on goods or services that one can produce better than anyone else

• specialization

• standard of living

• disposable income

• profit motive

role of the consumer as ruler of the market when determining goods or services produced

• profit motive

• consumer sovereignty

• factors of production

• disposable income

driving force encouraging people and organizations to improve their material well-being

• standard of living

• disposable income

• entrepreneurs

• profit motive

educational movement to inform buyers about their purchases

• consumerism

• factors of production

• profit motive

• disposable income

money left over after paying all taxes on it

• disposable income

• profit motive

• specialization

• standard of living