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Economy Vocab
| Term | Definition |
|---|---|
| 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 |
| 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, and 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 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 |
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