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Economies Vocabulary

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.
Created by: 309415