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unit 7 civics

TermDefinition
incentives things that incite or motivate you to change your economic behavior
consimer soverignty consumer determine through purchases what goods and serivices 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 alternitive
sole proprietorship a buisness owned by one person who takes all of the risks and all of the profits
private property property owned by individuals and buisnesses for use without undue interfernce by the government
resources factors of production that are used in production of goods and services
production the combining of human, natural,capital, and business resources to make goods and services
entrepreneur a person who take a risk to produce goods and services in search or profit
scarcity the inabilty 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 prices
human resources time, energy, and skills needed to produce goods and services
corporation a large buisness 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
choices selecting an item or action from a set of alternatives
partnership a form of buisness owned by 2 or more individuals who share all of the risks and profits
capital resource the tools machinery, factories and money that are used in providing goods and services
supply the amount of good or services that producers are willing and able to sell 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
demand the amount of good or service that costumers are willingly and able to buy at a certain price
Created by: bryanna22
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