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Economics Vocab

TermDefinition
Scarcity The inability to satisfy all wants at the same time.
Choice Selecting an item or action from a set of possible alternatives.
Opportunity Cost What is given up when a choice is made.
Resources Factors that are used in the production of goods and services.
Price The amount of money exchanged for a good or service.
Incentives Thaings that incite or motivate; used to change economic behavior.
Demand The amount of a good or service that concumers are willing and able to buy at a certain price.
Supply The amount of a good or service that producers are willing and able to sell at a certain price.
Supply and Demand Determines price.
Production The combining of human, natural, capital, and entrepreneurship resources to make goods and services.
Consumption Using good or services.
Free Market Markets are allowed to operate without undue interference from the government.
Private Property Individuals and businesses have the right to own personal property.
Profit Earnings, or what is left after all expenses have been paid.
Competition Rivalry between producers/sellers of a good or service that results in better quality and/or lower prices.
Consumer Sovereignty Consumers determine through purchases what goods and services will be produced.
Proprietorship A form of business organization with one owner who takes all the risks and gets all the profits.
Partnership A form of business organizations with two or more owners who share the risks and the profits.
Corporation A form of business orgaization that is authorized by law to act as a legal person regardless of the number of owners.
Entrepreneur A person who takes risk to produce goods and services in search of profit.
Created by: Sbunn16
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