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unit 7 definitions
| Term | Definition |
|---|---|
| incentives | things that incite or motivate you to change your economic behavior |
| consumer sovereignty | consumers determine through purchase what goods and services will be produced |
| price | the amount of money exchanged for a good and service |
| profit | consists of earning after all expenses have been paid |
| circular flow | resources ,goods,services,and money flowing throughout |
| consumer sovereignty | consumers determine through purchase what goods and services will be produced |
| price | the amount of money exchanged for a good and service |
| profit | consists of earning after all expenses have been paid |
| circular flow | resources ,goods,services,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 in the production of goods and services |
| production | the combining of human,natural,capital,and business resources to make goods and services |
| entrepreneur | a person who takes risk to produce goods and services 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 |
| human resources | time,energy,and skills needed to produce goods and services |
| corporation | a large business with many owners called stock holders |
| natural resources | the resources from the land that are needed to produce goods and services |
| consumption | using goods and services` |
| 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 resources | the tools,machinery,factories and money that are used in providing goods and services |
| supply | the amount of a good or service that consumers 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 |
Created by:
Cilantro77
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