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Unit 7 Econ. Vocab
Unit 7 Economics Vocabulary
| Question | Answer |
|---|---|
| Things that incite or motivate you to change your economic behavior | Incentives |
| Consumers determine through purchases what goods and services will be produced | Consumer Sovereignty |
| The amount of money exchanged for good or service | Price |
| Resources, Goods, Services, and money flowing throughout the economy. | Circular Flow |
| What is given up when a choice is made- the highest valued alternatives | Opportunity cost |
| A business owned by one person who takes all of the risks and all of the profits | Sole proprietorship |
| Property owned by individuals and businesses for use without undue interference by the government | Private Property |
| Factors of Production that are used in the production of goods and services | Resources |
| The combining of human, natural, capital, and business resources to make goods and services | Production |
| A person who takes a risk to produce goods and services in search of profit | Entrepreneur |
| The inability to satisfy all wants at the same time | Scarcity |
| Rivalry between producers and sellers of goods and services that results in better quality of goods and services at a lower price | Competition |
| Time, Energy, and skills needed to produce goods and services | Human Resources |
| A large business with many owners called stock holders | Corporation |
| Resources from the land that are needed to produce goods and services | Natural Resources |
| Using goods and services | Consumption |
| Selecting and item or action from a set of alternatives | Choice |
| A form of business owned by two or more individuals who share all of the risks and profits | Partnership |
| The tools, machinery, factories, and money that are used in providing goods and services | Capital Resources |
| The amount of good or service that producers are willing and able to sell a certain price | Supply |
| The amount of good or service that consumers are willing and able to sell a certain price | Demand |
| People who buy and use products | Consumer |
| People who use resources to provide goods and services | Producer |
| The management of the resources of a country | Economy |
| An economic system in which the govern. , or central authority owns or controls the factors of production and makes the basic economic decisions | Command Economy |
| An economic system in which private individuals own the factors of production and are free to make their own choices about production, distribution, and consumption. | Mixed Market Economy |
| An economic system where the government does not interfere in business activity in any way. | Free Market Economy |
| An economic system in which the basic economic decisions are made according to long-established ways of behaving that are unlikely to change | Traditional Economy |
| A large business with many owners called stock holders | Corporation |
| A form of business owned by 2 or more individuals who share all of the risks and profits | Patrnership |
| 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 | Limited liability |
| A place or situation in which an exchange of goods or services takes place, such as stores, shops, or stock exchanges | Marketing |
| Income tax | !6th Amendment |
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