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Unit Vocab words
Civics
Term | Definition |
---|---|
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. |