Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Vocabulary
Economics
| Question | Answer |
|---|---|
| things that incite or motivate you to change your economic behavior | Incentives |
| consumers determine through purchases what goods and services will be produced | Consumer sovereignty |
| the amount of money exchanged for a good or service | Price |
| consists of earning after all expenses have been paid | Profit |
| resources, goods, services, and money flowing throughout the economy | Circular flow |
| what is given up when a choice is made- the highest valued alternative | Opportunity cost |
| a business owned by one person who takes all of the risks and all of the profits | Sole proprietorship |
| property owned by individuals and businesses for use without undue interference by the government | Private property |
| factors of production that are used in the production of goods and services | Resources |
| the combining of human, natural, capital, and business resources to make goods and services | Production |
| a person who takes a risk to produce goods and services in search of a profit | Entrepreneur |
| the inability to satisfy all wants at the same time | Scarcity |
| rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price | Competition |
| time, energy, and skills needed to produce goods and services | Human resources |
| a large business with many owners called stock holders | Corporation |
| the resources from the land that are needed to produce goods and services | Natural resources |
| using goods and services | Consumption |
| selecting an item or action from a set of alternatives | Choice |
| a form of business owned by 2 or more individuals who share all of the risks and profits | Partnership |
| the tools, machinery, factories and money that are used in providing goods and services | Capital resources |
| the amount of a good or service that producers are willing and able to sell at a certain price | Supply |
| the amount of a good or service that consumers are willing and able to buy at a certain price | Demand |
| people who buy and use products | Consumer |
| people who use resources to provide goods and services | Producer |
| the management of the resources of a country | Economy |
Created by:
Rtan
Popular Economics sets