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civics
unit 7 vocabulary
| Term | Definition |
|---|---|
| Incentives | • things that incite or motivate you to change your economic behavior |
| Consumer sovereignty | • consumers determine through purchases what goods and services will be produced |
| price | • the amount of money exchanged for a good or 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 a 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 at a lower price |
| 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 risks 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 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 |
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starr0464
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