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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 . |