Economies Vocabulary Word Scramble
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Question | Answer |
Incentives | Things that incite or motivate you to change your economic behavior. |
Consumer Sovereignty | consumers determine through purchases what goods and services will be produced. |
Price | the amount of money exchanged for a good or service. |
Profit | consists of earning after all expenses have been paid. |
Circular Flow | resources, goods, services, and money flowing throughout the economy. |
Opportunity Cost | what is given up when a choice is made-the highest valued alternative. |
Sole Proprietorship | a business owned by one person who takes all of the risks and all of the profits. |
Private Property | property owned by individuals and businesses for use without undue interference by the government |
Resources | factors of production that are used in the production of goods and services. |
Production | the combining of human, natural, capital, and business resources to make goods and services |
Entrepreneur | a person who takes a risk to produce goods and services in search of a profit. |
Scarcity | the inability to satisfy all wants at the same time. |
Competition | rivalry between producers and sellers of goods and services that results in better quality goods and services at a lower price. |
Human Resources | time, energy, skills needed to produce goods and services. |
Corporation | a large business with many owners called stock holders. |
Natural Resources | the resources from the land that are needed to produce goods and services |
Consumption | using goods and services. |
Choice | selecting an item or action from a set of alternatives |
Partnership | a form of business owned by 2 or more individuals who share all of the risks and profits |
Capital Resources | the tools, machinery, factories and money that are used in providing goods and services. |
Supply | the amount of a good or service that producers are willing and able to sell at a certain price. |
Demand | the amount of a good or service that consumers are willing and able to buy at a certain price. |
Consumer | people who buy and use products |
Producer | people who use resources to provide goods and services. |
Economy | the management of the resources of a country. |
Command Economy | an economy in which production, investment, prices, and incomes are determined centrally by a government. |
Mixed Market Economy | An economic system in which both the private enterprise and a degree of state monopoly coexist. |
Free Market Economy | an idealized system in which the prices for goods and services are determined by the open market and consumers. |
Traditional Economy | It's a system that relies on customs. |
Corporation | a company or group of people authorized to act as a single entity and recognized as such in law. |
Partnership | a business or firm owned and run by two or more partners. |
Limited Liability | it's where a person's financial liability is limited to a fixed sum. |
Marketing | the action or business of promoting and selling products or services, including market research and advertising. |
16th Amendment | Allows the Congress to levy an income tax without apportioning it among the states or basing it on the United States Census. |
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