Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
unit 7 civics
| Term | Definition |
|---|---|
| incentives | things that incite or motivate you to change your economic behavior |
| consimer soverignty | consumer determine through purchases what goods and serivices 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 alternitive |
| sole proprietorship | a buisness owned by one person who takes all of the risks and all of the profits |
| private property | property owned by individuals and buisnesses for use without undue interfernce by the government |
| resources | factors of production that are used in production of goods and services |
| production | the combining of human, natural,capital, and business resources to make goods and services |
| entrepreneur | a person who take a risk to produce goods and services in search or profit |
| scarcity | the inabilty 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 prices |
| human resources | time, energy, and skills needed to produce goods and services |
| corporation | a large buisness 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 |
| choices | selecting an item or action from a set of alternatives |
| partnership | a form of buisness owned by 2 or more individuals who share all of the risks and profits |
| capital resource | the tools machinery, factories and money that are used in providing goods and services |
| supply | the amount of good or services that producers are willing and able to sell 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 |
| demand | the amount of good or service that costumers are willingly and able to buy at a certain price |
Created by:
bryanna22
Popular Economics sets