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OMC - SS - Econ 2
A boring study for Oak Manor school Eonomy.
| Question | Answer |
|---|---|
| Capital Resources | Goods produced and used to make other goods or services. (they increase productivity). |
| Taxes | Money that households and business firms are required to pay to the government to provide goods and services. |
| Savings | The part of a person's income that is not spent for goods and services, or used to pay taxes |
| Producers | People who use productive to make or sell a good or service and all their costs of production |
| Productive Resources | The natural, human and capital resources we need to produce goods and services |
| Partnership | A business owned by two or more individuals who share all the risks and profits. |
| Natural Resources | “Gifts of Nature” that are used to produce goods and services |
| Investing | When people and businesses use money to purchase capital goods or increase the skills and abilities of workers. |
| Market | What exists whenever people buy and sell goods and services and where prices are determined. |
| Incentives | Benefits or costs that influence the choices people make. |
| Choice | What someone must make when faced with two or more alternative uses of a resource. |
| Corporation | Business owned by a group of people legally bound together, who share all the risks and profits. |
| Entrepreneur | An individual who takes the risk of producing a product or starting a new business |
| Human Resources | The people who work to produce goods and services |
Created by:
aaquila
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