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Economics 7A Vocab

Economics 7A Vocabulary for Civics

TermDefinition
Natural Resources Material or substances acquired in nature and can be used for economic growth.
Partnership A business owned by two or more partners
Resources Supplies or stocks
Demand The amount desired by purchasers of a certain product
Private Property Property owned by one person
Profit Income got from a business
Sole Proprietorship Businesses that has no separate existence from its owner
Consumer Sovereignty The needs or desire of customers control the production
Scarcity Short on supply
Capital Resources Goods used to make other items
Choice Good Quality
Price The amount you have to pay
Consumption The amount used
Supply The amount available
Production The amount produced
Competition Businesses trying to outdo each other
Consumer Person buying product
Entrepreneur Person who starts a business
Command Economy Economy where the government decides everything one buys or sells
Mixed Market Economy Economy with a fair amount of government involvement and the rest is for people to decide
Free Market Economy Limited government involvement in the economy
Traditional Economy Economy based on traditions and beliefs.
Corporation a company or group of people authorized to act as a person
Partnership A business with two or more people working to support the business
Limited liability Limited liability is where a person's financial liability is limited to a fixed sum
Marketing The study of exchange relationships
16th Amendment Congress has the power to collect taxes
Created by: TooCoolForYou