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Economics Vocabulary
| Term | Definition |
|---|---|
| natural resources (land) | -the resources from the land that are needed to produce goods and services |
| partnership | -a form of buisness owned by two or more individuals who share all the risks and profits |
| resources | -factors of production that are used in the production of goods and services |
| demand | -the amount of good or service that consumers are willing and able to buy at a certain price |
| private property | -property owned by individuals and businesses for use without undue interference by the government |
| profit | -consists of earning after all expenses have been paid |
| sole proprietorship | -a business owned by one person who takes all of the risks and all of the profits |
| consumer sovereighty | -consumers determine through purchases what goods and services will be produced |
| scarcity | -the inability to satify all the wants at the same time |
| capital resources | -the tools, machinery, factories, and money that are used in providing goods and services |
| choice | -selecting an iteam or action from a set of alternatives |
| price | -the amount of money exchanged for a good or service |
| consumption | -using goods and services |
| supply | -the amount of a good or services that producers are willing and able to sell at a certain price |
| production | -the combining of human, natural, capital, and business resources to make goods and services |
| competition | -rivalry between producers and sellers of goods ans services that results in better quality goods and services at a lower price |
| consumer | -people who buy and use products |
| entrepremeur | -a person who takes a risk to produce goods and services in search of a profit |
| economy | -the managment of the resources of a country |
| opportunity cost | -what is given up when a choice is made, the highest valued alternatives |
| incentives | -things that incite or motivate you to change your economic behavior |
| circular flow | -resources, goods, services, and money flowing throughout the economy |
| corporation | -a larger business with many owners called stock holders |
| producer | -people who use resources to provide goos and services |
| human resources (labor) | -time, energy, and skills needed to produce goods and services |
| command economy | -also called Planned Economy, the central or state government regulate various factors of production |
| mixed market economy | -certain sectors of the economy are left to pricate ownership and free market mechanisms, which other sectors have significant government ownership and government planning (most common) |
| free market economy | -economic system in which individuals, rather than the government, make the majority of the decisions regarding economic activities and transactions |
| traditional economy | -an economy based on custom and traditional command, the decisions are based on tradition of the community or family |
| corporation | -a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law |
| partnership | -a business or firm owned and run by two or more partners |
| limited liability | - where 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 Congress to levy income taxes |
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