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Economics 7A
Vocabulary
| Term | Definition |
|---|---|
| natural resources | the resources from the land that are needed produces goods and services |
| 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 the money exchange for a goods or service |
| profit | consist 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 of 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 and 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 profits |
| entrepreneur | a person who takes a risk to produces goods and services in search of a profit |
| scarcity | the inability to satisfy all 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 resource | 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 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 economic system in which the government or central authority owns or control the factors |
| mixed market economy | an econmoy that is a mixture of the characteristics of the two or more of the three basic ecomomic system |
| free market economy | the system in which sfkBSDV VJBVJ ndkbjd jbdjbbsdbudb sj |
| traditional economy | sdvscsfbvbdvbksc vnscndvb |
| corporation B | |
| partnership | hiwhuvbbuwbu |
| limited liability | fbwdhvsdhbvs |
| marketing | djkvnjsdvnjdbvj |
| 16th amendment | nidvsdvnisdnjsd |
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