Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
Vocabulary
| Term | Definition |
|---|---|
| natural resources | the resources from the land that are needed to produce goods and services |
| partnership | a form of business owned by 2 or more individuals who share all of the risks and profits |
| resources | factors of production that are used in the production of goods and services |
| demand | the amount of a 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 sovereignty | consumers determine through purchases what goods and services will be produced |
| scarcity | the inability to satisfy all wants at the same time |
| capital resources | the tools, machinery, factories and money that are used in providing goods and services |
| choice | selecting an item 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 service 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 |
| consumer | people who buy and use products |
| entrepreneur | a person who takes a risk to produce goods and services in search of a profit |
| economy | the management of the resources of a country |
| opportunity cost | what is given up when a choice is made- the highest valued alternative |
| 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 large business with many owners called stock holders |
| producer | people who use resources to provide goods and services |
| human resources | time, energy, and skills needed to produce goods and services |
| Command economy | an economy in which production investment prices and incomes are determined centrally by a government. |
| Mixed Market Economy | all modern economies arre mixed where the means of production are shared between the private and public sectors. |
| Free Market Economy | a free market is an idealized system in which the prices for goods and services are determined by open market and consumers. |
| Traditional Economy | Traditional economy is an original economic system in which traditions customs and beliefs. |
| Corporation | a large business with many owners called stock holders |
| Partnership | a form of business owned by 2 or more individuals who share all of the risks and profits |
| Limited liability | Limited liability is where a person's financial liability is limited to fixed sum. |
| Marketing | the action or business of promoting and selling products or services including market research and advertising. |
| 16th Amendment | United States Constitution allows the Congress to levy an income tax without apportioning it among the states . |
Created by:
325095
Popular Social Studies sets