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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



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