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BizTown Vocabulary

Unit 1

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