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Unit Vocab words


Incentives Things that incite or motivate you to change your economic behavior.
Consumer Soverignty Consumers determine though purchase what goods and service will be produced.
Price The amount of money exchange for a good or service.
Profit Consists of earning after all expenses have been paid.
Circular Flow Resources, goods, service, and money flowing throughout the economy.
Opportunity Cost What is given up when a choice is made-the highest valued alternative.
Sole Proprietorship A business owned by one person who takes all of the risks and all of the profits.
Private Property Property Owned by individuals and businesses for use without undue interference by the government.
Resources Factors of production that are used is the production of goods and services.
Production The combining of human, nature, capital, and business resources to make goods and services.
Entrepreneur A person who takes a risk to produce goods and service in search of a profit.
Scarcity The inability to satisfy all wants at the same time.
Competition Rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price.
Human Reasources Time, energy, and skills needed to produce goods and services.
Corporation A large business with many owners called stockholders.
Natural Resource The resource from the land that are needed to produce goods and services.
Consumption Using goods and service.
Choice Selecting an item or action from a set of alternatives.
Partnership A form of business owned by 2 or more individuals who share all of the risk and profits.
Capital Resource The tools, machinery, factories and money that are used in providing goods and services.
Supply The amount of a good or service that producers are willing and able to sell at a certain price.
Demand The amount of a good or service that consumers are willing and able to buy at a certain price.
Consumer People who buy and use products.
Producer People who use resources to provide goods and services.
Economy The management of the resources of a country.
Created by: 100004885772602