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Economics Vocabulary


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.
Created by: 327941