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Unit 9 review
Econ Vocabulary
| Question | Answer |
|---|---|
| resources | factors of production used to make goods and provide services (capital, human, natural, entrepreneurship) |
| demand | amount of a good or service that consumers are willing to buy at a certain price |
| supply | amount of a good or service that producers are willing to sell at a certain price |
| incentives | things used to motivate economic behavior |
| profit | earnings after all expenses have been paid |
| competition | rivalry between producers of goods and services that create lower prices but better quality |
| consumer soverrignty | consumers determine through purchases what goods will be produced |
| private property | individuals and businesses have the right to own person property as well as the means of production |
| scarcity | the inability to satisfy all wants at the same time as resources and goods are limited; forces choices to be made |
| choice | selecting an item or action from a set of possible alternatives |
| price | amount of money exchanged for a good or service |
| consumption | using goods and services |
| production | combining of resources to make goods and provide services |
| opportunity cost | what is given up when a choice is made |
| free market | markets are allowed to operate without undue interference from the government |
| command economy | government owns and controls resources; no competition; little consumer choice |
| mixed economy | individuals & businesses control the private sector; government controls the public sector |
| traditional economy | based on customs |
| market economy | businesses allowed to operate without undue interference from government |
| characteristics of the US economy | private property; competition; free market (enterprise); consumer sovereignty; |
| sole proprietorship | 1 owner; takes all the risks; gets all the profits |
| partnership | 2 or more owners; share risks and profits |
| corporation | owned by shareholders; responsibilities as a person |
| capital resource | anything already made; money is used to purchase |
| human resource | people working |
| supply and demand determine | price |
| amendment that allows Congress to collect income taxes | 16th amendment |
| FCC | regulates airwaves of tv, radio, print |
| FTC | regulates business; discourages deceptive advertisement |
| SEC | regulates the stock market |
| EPA | protects environment |
| OSHA | protects workers |
| CPSC | protects consumers from dangerous goods and services |
| FDA | regulates things consumed (food, drink, medication) |
| how government provides public goods and services | taxes, borrowed funds, fees, fines |
| public sector | controlled by government |
| private sector | controlled by business and individuals |
Created by:
MsCarawan
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