Economic
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| Incentives | things that incite or motivate you to change
your economic behavior
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| Consumer sovereignty | consumers determine through purchases
what goods and services will be produced
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| Price | the amount of money exchanged for a good or
service
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| profit | consists of earning after all expenses have
been paid
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| Circular flow | resources, goods, services, and money flowing
throughout the economy
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| Oppurtunity cost | what is given up when a choice is made- the
highest valued alternative
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| sole propritorship | a business owned by one person who takes all
of the risks and all of the profits
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| Private Property | property owned by individuals and businesses
for use without undue interference by the
government
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| Resources | factors of production that are used in the
production of goods and services
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| Production | the combining of human, natural, capital, and
business resources to make goods and
services
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| Entreprenuer | a person who takes a risk to produce goods
and services in search of a profit
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| Scarcity | the inability to satisfy all wants at the same
time
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| Competition | rivalry between producers and sellers of
goods and services that results in better
quality goods and services at a lower price
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| human resources | time, energy, and skills needed to produce
goods and services
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| Corporation | a large business with many owners called
stock holders
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| Nautral resources | the resources from the land that are needed
to produce goods and services
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| Consumption | using goods and services
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| Choice | selecting an item or action from a set of
alternatives
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| Partnership | a form of business owned by 2 or more
individuals who share all of the risks and
profits
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| Capital resources | the tools, machinery, factories and money
that are used in providing goods and services
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| Supply | the amount of a good or service that
producers are willing and able to sell at a
certain price
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| Demand | the amount of a good or service that
consumers are willing and able to buy at a
certain price
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| Consumer | people who buy and use products
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| Producer | people who use resources to provide goods
and services
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| Economy | the management of the resources of a country
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