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Economics 7A
Vocabulary
Term | Definition |
---|---|
natural resources | the resources from the land that are needed produces goods and services |
incentives | things that incite or motivate you to change your economic behavior |
consumer sovereignty | consumers determine through purchases what goods and services will be produced |
price | the amount of the money exchange for a goods or service |
profit | consist of earning after all expenses have been paid |
circular flow | resources,goods,services,and money flowing throughout the economy |
opportunity cost | what is given up when a choice is made of 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 and production that are used in the production of goods and services |
production | the combining of human,natural,capital,and business resources to make goods and profits |
entrepreneur | a person who takes a risk to produces goods and services in search of a profit |
scarcity | the inability to satisfy all 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 resources | time, energy, and skills needed to produce goods and services |
corporation | a large business with many owners called stock holders |
natural resources | the resources from the land that are needed to produce goods and services |
consumption | using goods and services |
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 risks 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 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 |
command economy | an economic system in which the government or central authority owns or control the factors |
mixed market economy | an econmoy that is a mixture of the characteristics of the two or more of the three basic ecomomic system |
free market economy | the system in which sfkBSDV VJBVJ ndkbjd jbdjbbsdbudb sj |
traditional economy | sdvscsfbvbdvbksc vnscndvb |
corporation B | |
partnership | hiwhuvbbuwbu |
limited liability | fbwdhvsdhbvs |
marketing | djkvnjsdvnjdbvj |
16th amendment | nidvsdvnisdnjsd |