Miss Smith 7 th Grade Civics *pgs

 Produced by a country’s economy  Goods- manufactured items that consumers can buy and own  Services- products that are not physical objects  Gross domestic product (GDP)- dollar value of all goods and services produced annually in the U.S.  Used to measure how well the economy is performing

 Mass production- rapid production by machine of large numbers of identical objects

 An assembly line moves products through stages of production until it is completed

 Command economies are less successful in mass production  The gov. decides how many goods and services to produce and sets the price  This means less profit for citizens which decreases productivity  This results in less money to improve factories

 Performed directly on consumers  Ex: medical care, hair salons, personal fitness, etc.

 Performed on goods you own  Repairs, maintenance, etc.

 Retail and entertainment services  Banking and financial planning  Legal services  Insurance