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Economics 7A
Unit 7
| 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 |
| Profits | Earning after all expenses are paid |
| Circular flow | Resources, goods, services, and money flowing through the economy |
| oppurtunity Costs | What is given up when a choice is made |
| Sole Proprietorship | One person owning a business who takes all the risks and profits |
| Private Property | Property owned by individuals/businesses for use without interference from the government |
| Resources | Factors of production used to produce goods and services. |
| Production | Combining the human, business, capital and natural resources of businesses resources to make goods and services |
| Entrepreneur | Someone who takes risk to produce goods and services in search for profit |
| Scarcity | The inability to satisfy all wants at the same time |
| Competition | Rivalry between producers and sellers of goods and services that result 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 two or more individuals |
| Capitol resources | the tools machinery factories and and money that are used in providing goods and services |
| Supply | The amount of a good or service that producers are willing and be able to sell |
| 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 |
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