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Economics
| Term | Definition |
|---|---|
| Incentives | Things that motivate you to change your economic behavior |
| Consumer sovereignty | Consumers determine through purchases what goods and services will be produced |
| Price | The amount of money exchanged for a good or service |
| Profit | Consists of earning after all expenses have been paid |
| Circular flow | Resources, goods, services, and money flowing throughout the economy |
| Opportunity cost | What is given up when a choice is made- the highest valued alternative |
| Sole proprietorship | A business owned by one person who takes all of the risks and all of the profits |
| Private property | Property owned by individuals and businesses for use without undue interference by the government |
| Resources | Factors of production that are used in the production of goods and services |
| Production | The combining of human, natural, capital, and business resources to make goods and services |
| Entrepreneur | A person who takes a risk to produce goods and services in search of a profit |
| Scarcity | The inability to satisfy all wants at the same time |
| Competition | Rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price |
| Human resources | Time, energy, and skills needed to produce goods and services |
| Corporation | A large business with many owners called stock holders |
| Natural resources | The resources from the land that are needed to produce goods and services |
| Consumption | Using goods and services |
| Choice | Selecting an item or action from a set of alternatives |
| Partnership | A form of business owned by 2 or more individuals who share all of the risks and profits |
| Capital resources | The tools, machinery, factories and money that are used in providing goods and services |
| Supply | The amount of a good or service that producers are willing and able to sell at a certain price |
| Demand | The amount of a good or service that consumers are willing and able to buy at a certain price |
| Consumer | People who buy and use products |
| Producer | People who use resources to provide goods and services |
| Economy | The management of the resources of a country |
| Command economy | An economy in which production, investment, prices, and incomes are determined centrally by a government |
| Mixed Market Economy | An economic system in which both the private enterprise and a degree of state monopoly exist together |
| Free Market Economy | An economy where the government imposes few or no restrictions and regulations on buyers and sellers |
| Traditional Economy | Relies on history and time beliefs |
| Corporation | Many people that work and act like one |
| Partnership | A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business. |
| Limited liability | Limited liability is where a person's financial liability is limited to a fixed income |
| Marketing | Marketing is the study and management of exchange relationships. |
| 16th Amendment | The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration. |
Created by:
Ian Johnson
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