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unit 9
econimes
Question | Answer |
---|---|
aspirations | :: hopes or ambitions of achievement; goals. |
demand: | amount of a good/service consumers are willing to buy at a certain price |
contract: | - written or oral agreement enforceable by law |
Consumer sovereignty:: | consumers determine through purchases what good will be produced |
competition | : rivalry between producers of goods/services that create lower prices and better quality |
choice: | : selecting an item or action from a set of alternatives |
central: | government owned/controlled |
budget:: | a plan for spending money |
Capital resource: | any good/resource used to make another |
economics: | : study of how things are made, bought, used, and sold |
resources: | factors of production used to make goods/services (things used to make stuff) |
Public sector: | the part of the economy under government control (ie. roads, schools, military) |
profit: | earnings after all expenses have been paid |
Private sector: | the part of the economy not under government control (ie business and private property) |
Opportunity cost: | what is given up when a choice is made production: combining resources to make goods/services |
entrepreneurship: | - ownership of a new business |
.guarantees: | protection/promise of content quality (ie. money back) |
fiscal: | relating to government revenue (esp. taxes) |
scarcity: | - the inability to satisfy all wants at the same time |
Work ethic: | : idea that hard work is virtuous and leads reward |
warranties: | a written guarantee, issued by a manufacturer promising to replace/repair a good within a specific time period if necessary |
Technological advancements: | : new technologies |
self-assessment: | : evaluation of one’s actions, attitudes, and abilities prior to making a career choice |
production: | combining resources to make goods/services |