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Economics 3-4B

TermDefinition
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.
Created by: 323328