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Economies Vocabulary
| Question | Answer |
|---|---|
| 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, 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. |
| Command Economy | an economy in which production, investment, prices, and incomes are determined centrally by a government. |
| Mixed Market Economy | An economic system in which both the private enterprise and a degree of state monopoly coexist. |
| Free Market Economy | an idealized system in which the prices for goods and services are determined by the open market and consumers. |
| Traditional Economy | It's a system that relies on customs. |
| Corporation | a company or group of people authorized to act as a single entity and recognized as such in law. |
| Partnership | a business or firm owned and run by two or more partners. |
| Limited Liability | it's where a person's financial liability is limited to a fixed sum. |
| Marketing | the action or business of promoting and selling products or services, including market research and advertising. |
| 16th Amendment | Allows the Congress to levy an income tax without apportioning it among the states or basing it on the United States Census. |
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