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BizTown Vocabulary
Unit 1
| Question | Answer |
|---|---|
| What is a business? | a company that sells goods and services |
| What are capital resources? | resources made by people, such as factories |
| What is the circular flow model | a model of the movements of goods, services, resources, and money in an economy |
| What is a community? | a place where people live, work, trade, and share |
| What is free enterprise? | a system in which economic decisions are made in markets by people and businesses, with little government influence |
| What are human resources? | the skills and abilities of workers used in production of goods and services |
| What are markets? | a system in which people and businesses buy and sell goods, services, and resources |
| What are natural resources? | hings used in production that occur naturally in the world, such as water |
| What does nonprofit mean? | Institutions developed to increase the well-being of others like education, religion, and health. |
| What is an opportunity cost? | The value of the next best alternative given up when a choice is made |
| What is philanthropy? | The effort to increase the well-being of people through charitable giving |
| What are private goods and services? | Exchanged in the markets for a price |
| What are public goods and services? | Provide benefits to many people and people cannot be restricted from using them. |
| What is a profit? | They money that is left over after a business pays all its costs |
| What is scarcity? | Situation where people can’t have everything they want because of limited resources |
| What are taxes? | required payments to the government |
Created by:
hewittl
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