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