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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
Popular Economics sets




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