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Economics Vocabulary
Vocabulary
| Term | Definition |
|---|---|
| Incentives | Reasons that make you want to do something. |
| Consumer sovereignty | Consumers choosing what they want and what they don't want. |
| Price | How much money you use in an exchange. |
| Profit | Gains after everything is said and done. |
| Circular Flow | What is circulating/flowing through the economy. |
| Opportunity Cost | What is exchanged in cost of taking a chance. |
| Sole Proprietorship | The person who owns and effectively runs the company. |
| Private Property | Property without influence of government or outside societal factors. |
| Resources | Factors used in production. |
| Production | Combining of all resources to make a product (good/service.) |
| Entrepreneur | Someone who starts their own business. |
| Scarcity | Unable to meet all needs. |
| Competition | Rivalry between producers that affect the good/service with lower prices and higher quality. |
| Human Resources | Skills used by people to produce a good or service. |
| Corporation | Large scale business with stock holders. |
| Natural Resources | Resources from the land used to produce good/services. |
| Consumption | Using goods/services. |
| Choice | Choosing from a selection of alternatives. |
| Partnership | Business owned by 2 people. |
| Capital Resources | Resources such as machines and tools. |
| Supply | Goods/services ready and able to be used and sold. |
| Demand | How much consumers are willing to buy. |
| Consumer | Buyers, users of goods and services. |
| Producer | Provider of product using goods and services. |
| Economy | Management of resources within a country. |
| Command Economy | Central, state government regulate various factors of production. |
| Mixed Market Economy | Certain sectors are private ownership, and the others have heavy government regulation. Most common economic system. |
| Free Market Economy | System in which individuals, rather than government, make the majority of decisions regarding activities and transactions. |
| Traditional Economy | An economy based on custom and tradition/command. The decisions are based on tradition of the community or family. |
| Corporation | Business owned by stockholders, risk shared by all, reward paid out in dividends, based on numbers of shares. |
| Partnership | Business owned by 2 or more, risk & reward shared by partners, 10% of all businesses in America. |
| Limited Liability | Hybrid business, owners of the company cannot be held liable for the company's debts or obligations. |
| Marketing | Study and management of exchange relationships. Used to create, keep, and satisfy a customer. |
| 16th Amendment | Established an income tax, power to lay and collect taxes on income. |
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