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Unit 7A Economics

TermDefinition
Entreprenuership the process of designing, launching and running a new business, which is often initially a small business.
natural resources (land) Materials or substances such as minerals, forests, water, and fertile land that occur in nature and can be used for economic gain
partnership A form of business ownership in which 2 or more people share the assets, liabilities, and profits
resources Factors of production that are used in the production of goods and services
demand the amount of a good or service that consumers are willing and able to buy at a certain price
private property property owned by individuals and businesses for use without undue interference by the government
profit consists of earning after all expenses have been paid
sole proprietorship a business owned by one person who takes all of the risks and all of the profits
consumer sovereignty consumers determine through purchases what goods and services will be produced
scarcity the inability to satisfy all wants at the same time
capital resources the tools, machinery, factories and money that are used in providing goods and services
choice selecting an item or action from a set of alternatives
price the amount of money exchanged for a good or service
consumption using goods and services
supply the amount of a good or service that producers are willing and able to sell at a certain price
production the combining of human, natural, capital, and business resources to make goods and services
competition rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price
consumer people who buy and use products
entrepreneur a person who takes a risk to produce goods and services in search of a profit
economy the management of the resources of a country
opportunity cost what is given up when a choice is made- the highest valued alternative
incentive Things that incite or motivate you to change your economic behavior
circular flow resources, goods, services, and money flowing throughout the economy
corporation a large business with many owners called stockholders
producer people who use resources to provide goods and services
human resources (labor) time, energy, and skills needed to produce goods and services
Free Market economic system in which individuals, rather than government, make the majority of decisions regarding economic activities and transactions.
Command Economy Planned Economy, the central or state government regulate various factors of production.
Mixed Market Economy Certain sectors of the economy are left to private ownership and free market mechanisms, while other sectors have significant government ownership and government planning.
Traditional Market Economy an economy based on custom and tradition/command. The decisions are based on tradition of the community or family. An example of a traditional society would be that of the Inuit peoples of the Alaskan Islands.
Corportation a company or group of people authorized to act as a single entity and recognized as such in law.
Parternship A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.
Limited Liability a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership.
Marketing is the study and management of exchange relationships.
16th Amendment Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
Created by: 328332