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Vocabulary

Economics

QuestionAnswer
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