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citizen A member of a town, city, county, state, or country
community a place where people live, work, trade, and share
trade exchange of goods and services
business a company that sells goods and/or services
right the freedom to do something in a certain way
responsibility a duty
free enterprise a system in which economic decisions are made by people and businesses, with little government influence
economy a system of production, and distribution of goods, services, and resources.
resources things and people used to produce goods and items
scarcity a situation in which people can't have everything they want because of limited resources
human resources the skills and abilities of workers used in production
natural resources things used in production that occur naturally in the world such as water
capital resources resources made by people, such as factories
market a system in which people and businesses buy and sell goods, services, and resources
circular flow a model of the movement of goods, services, resources, and money in an economy
public goods and services goods and services that provide benefits to many people, and people may not be restricted from using them
private goods and services goods and services that are exchanged in markets for a price
taxes required payments to the government
philantrophy the effort to increase the well0being of people through charitable giving
nonprofit organization institutions developed to increase the well-being of others in certain areas, such as education, religion, health, and other good causes
opportunity cost the value of the next best alternative given up when a choice is made
sales price the amount of money a buyer pays and a seller receives for the purchase of a good
profit the money that is left over from sales, after a business pays all of its cost
cost the price that a business pays for resources needed to provide a good or service
Created by: pvcgroff