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Chapter 17

Chapter 17. The American Economy. Lesson 1: Gross Domestic Product (Pages 466-470). Vocabulary (5) 1. Product 2. Gross Domestic Product (GDP ) 3. Entrepreneur 4. per capita GDP 5. standard of living.

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Chapter 17

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  1. Chapter 17 The American Economy

  2. Lesson 1: Gross Domestic Product (Pages 466-470) Vocabulary (5) • 1. Product • 2. Gross Domestic Product (GDP) • 3. Entrepreneur • 4. per capita GDP • 5. standard of living

  3. Lesson 2: Economic Flow and Economic Growth (Pages 471-476) Vocabulary (8) • 1.circular flow model- • 2. factor market- • 3.product market- • 4.economic growth- • 5.productivity- • 6.specialization- • 7.division of labor- • 8.human capital-

  4. Lesson 3: Capitalism and Free Enterprise (Pages 477-481) Vocabulary (8) • 1.capitalism- • 2. free enterprise- • 3. voluntary exchange- • 4. profit- • 5. profit motive- • 6. competition- • 7. private property rights- • 8. laissez-faire economics-

  5. Capitalism is when private citizens own the factors of production. People decide how to use the factors in order to make money. • Free enterprise is when individuals and business compete for profit with little intervention from the government.

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