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Unit 7A Economics
| Term | Definition |
|---|---|
| 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. |
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