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Unit 9 review

Econ Vocabulary

QuestionAnswer
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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