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OMC - SS - Econ 1

Oak Manor Center - Social Studies - Econ List 1

Economic Wants Desires that can be satisfied by consuming a good, service or leisure activity
Business An entity that produces and/or sells goods and services.
Entrepreneur Someone who takes that risk to start a business.
Goods Things that people want that you can hold or touch.
Consumer Someone who buys goods and services.
Services Actions, like a haircut, that satisfy someone's wants.
Interest The price of money that is borrowed or save
Wages The money a business pay for labor resources
Rent The money a business pays for leasing buildings or equipment.
Costs What businesses pay for productive resources; expenses a business pays to produce a product.
Producers A business or person who provides (makes) a good or service for consumers.
Scarcity When people's wants are greater than the resources for satisfying those wants.
Productive Resources The natural resources (land), human resources (labor), and capital resources used to make goods and services.
Natural Resources (LAND) – things found in nature that are used in production, such as water, minerals, land and trees.
Human Resources (LABOR) – the work that people do in production
Capital Resources Things made by people that are used in production, such as tools, buildings, equipment and machines.
Criteria Important things to consider when making a decision.
Opportunity Cost The most valuable alternative you give up when you make a choice.
Profit The income an entrepreneur makes by running a successful business; the money left over after subtracting the cost from sales revenue.
Risk The chance entrepreneurs take that a business will not be successful.
Demand The number of products consumers are willing to buy at different prices.
Sales Revenue The total amount of money a business receives from selling its products.
Price The amount a consumer pays to buy a good or service and the amount a business receives when it sells a good or service.
Market Survey A way to gain information about what consumers will buy at different prices.
Demand Curve A graph showing the number of products consumers are willing and able to buy at different prices.
Law of Demand The fact that consumers will buy more of a product when the price goes down and will buy less when the price goes up.
Created by: aaquila