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Economics Vocabulary

TermDefinition
Economics The study of decision-making-everything that has to do with making, using, and paying for goods and services.
Entrepreneur A person who thinks of an idea for a new product or business and then works to build that business.
Natural Resources Anything that comes from nature such as wood, coal, sand, and water.
Capital Resources The things needed to produce goods-tools, factory buildings, and machinery.
Human Resources People make goods and provide services
Entrepreneurial Resources They think of ideas for new products or businesses and then work to make their dreams a reality.
Production Mixing human, natural, capital, and entrepreneurial resources to make goods and provides services.
Opportunity Cost What you lose when you make a choice.
Consumption Using goods and services.
Scarcity When there is not enough to go around.
Economic Principles What shall we produce? How will we produce it? For whom will it be produced?
Traditional Economy The same for centuries (holding the same job).
Free Market Anyone can make/sell a product; the people decide.
Command Economy State government runs/owns everything; government controls it all.
Mixed Economy A free market with government protections. (The US is a mixed Economy)
Consumer Sovereignty The wants and needs of the consumers dictate what products are made.
Private Property Right to own a home, car, and business without undue interference from the Government.
Profit Companies earnings after all of its expenses have been paid.
Competition Rivalry among sellers that keeps prices low and quality high for consumers.
Free Enterprise An economic system that provides individuals the opportunity to make their own economic decisions
Sole Proprietorship One owner responsible for every aspect of their business. Pays all the bills, but also gets all of the profits.
Partnership Share risks and share profits.
Corporations A group that legally acts as a single business entity, sharing ownership and profits, but with some financial protection for shareholders.
Price The amount of money in exchange for a good or service.
The Law of Supply Producers will make more of a product at a higher price. An make less of a product when they sell it at a lower price.
The Law of Demand Consumers will buy more of a product at a lower price compared to buying less of a product at a lower price.
Banks Community, regional, or national for profit corporations own by private investors.
Credit Unions Are non-profit organizations owned by members.
Import Purchase goods or services from a foreign country.
Export Sell goods or services to a foreign country.
Created by: user-1485658
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