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Econimics Vocabulary

TermDefinition
Market Economy An economic system in which indidviduals are free to compete, to earn a living, to earn a profit and to own property.
free market An economic system in which buyers and sellers are free to exchange good and services as they choose.
profit The income a business has left after paying its expenses
scarcity The problem of limited resources
law of supply Ane economic rule that states businesses will provide more products when they can sell them at higher prices and fewer products when they must sell them at lower prices
law of demand An economic rule that states that buyers will demand more products when they can buy that lower prices and fewer products when they mist buy them at higher prices
free enterprise Principle that business owners in a free market e allowed to run there businesses in any way they see fit, with little government interference
capitalism An economic system based on private ownership that means of the porduction.
monopoly A company at controls all production of a good or service.
stock A share ownership in a production
stockholders People who own corporate stock.
dividends Profits paid to corporate stockholders.
natural resources Any natural resources that are used by humans , such as water, petroleum , minerals, forests, and animals
labor Human effort used to make goods and services.
entrepreneur A business owner.
Created by: arcurry384
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