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Unit 9
Economic Concepts
| Term | Definition |
|---|---|
| scarcity | lack of resources, not having enough for want or demand |
| resources | materials used in the production of goods and services |
| entrepreneurship | type of resource that would include the factory owner who started the business (natural, human, capital, or entrepreneurship?) |
| natural | type of resource that would include, metals, oil, minerals (natural, human, capital, or entrepreneurship?) |
| capital | type of resources that would include a building with machines, tools, computers |
| human | type of resource that would include factory workers at the Goodyear Tire plant (natural, human, capital, or entrepreneurship?) |
| choice | making a selection from a group of alternatives |
| opportunity cost | value of what is given up when making a choice |
| incentives | anything used to motivate or persuade buyers, like a buy one get one sale |
| production | combining resources to make goods or services |
| consumption | using goods or services |
| supply | number of items a producer has available to sell at a given price |
| demand | desire of buyers to purchase a products at a given price |
| price | amount of money exchanged for something, determined by supply and demand |
| equilibrium price | place where supply and demand meet, what a buyer is willing to pay for something and a producer is willing to sell their product |
| service | action proved using knowledge or skill (good or service?) |
| good | things that are produced using resources (good or service?) |
| capital | money used during the production process for resources and equipment |
| consumer sovereignty | power of the buyer (consumer) to determine what goods and services are produced and consumed (used) |
| free market economy | type of economy where there is little influence form the government |
| mixed economy | type of economy where businesses, individuals, and government share decision and resources |
| command economy | type of economy where government makes all decisions and owns all the resources |
| traditional economy | type of economy where there is a reliance upon customs, traditions, history, and honored beliefs |
| economy | wealth, resources, money in a country or area and how it works |
| true | Goods and services are always limited in some way? True or False? |
| prices | ___________ are determined by BOTH supply and demand |
| competition | rivalry that usually results in better quality goods or services and lower prices |
| free market | type of economic system that: private ownership of all property and resources profit it most important competition, individual choices, and consumer sovereignty are characteristics |
| mixed | type of economic system that: government, individuals and businesses make decisions about the private sector most economies today are this type |
| command | type of economic system that: government centrally owns and controls economy, property, resources lack of consumer choices |
| traditional | type of economic system that: Inuit people of Northern Canada typically follow relies on traditions |
Created by:
erin.koger
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