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Economics 3-4B
| Term | Definition |
|---|---|
| Natural Resources (Land) | Something that occurs in nature and is valuable to humans |
| Partnership | A business organization owned by two or more people who agree to share profit. |
| Resources | Factors of production that are used in the production of goods and services. |
| Demand | The ability and desire to purchase goods or services at a specified time and price |
| Private Property | Belonging to a person or group for use |
| Profit | The gain after all expenses are subtracted from the total amount received |
| Sole Proprietorship | A person that owns a business or holds property |
| 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 combination of human, natural, capital, and business resources to make goods and resources |
| 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 |
| Incentives | 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 stock holders |
| Producer | People who use resources to provide goods and services |
| Human Resources (Labor) | Time, Energy, and Skills needed to produce goods and services. |
| Consumer Sovereignty | Consumers determine through purchases what goods and services will be produced. |
| Command economy | The central or state government regulate various factors of production. |
| Mixed Market Economy | Some parts of the economy are free, while the others are controlled by the government. |
| Free Market Economy | Economic system in which people make the majority of decisions regarding economical activities and transactions instead of the government. |
| 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 number of shares |
| Partnership | Business owned by two or more Risk & reward shared by partners |
| Limited liability | A person's financial liability is limited to a fixed sum. |
| Marketing | To promote and sell products and/or services, such as using an advertisement or a television commercial. |
| 16th Amendment | Congress has the power to collect taxes from income, no matter where they originate from. |
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