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civics

unit 7 vocabulary

TermDefinition
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
Created by: starr0464
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