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Economics Volcab
| Term | Definition |
|---|---|
| Incentives | things that incite or 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 |
| Free Market Economy | , prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy. |
| Traditional Economy | economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution. |
| Corporation | a separate, legal entity guided by a group of officers known as the board of directors. |
| Partnership | |
| Limited Liability | a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership |
| Marketing | the action or business of promoting and selling products or services, including market research and advertising. |
| 16th Amendment | Allows governmment to levy taxes |
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