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Economics 7A

Unit 7

TermDefinition
Incentives things that 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
Profits Earning after all expenses are paid
Circular flow Resources, goods, services, and money flowing through the economy
oppurtunity Costs What is given up when a choice is made
Sole Proprietorship One person owning a business who takes all the risks and profits
Private Property Property owned by individuals/businesses for use without interference from the government
Resources Factors of production used to produce goods and services.
Production Combining the human, business, capital and natural resources of businesses resources to make goods and services
Entrepreneur Someone who takes risk to produce goods and services in search for profit
Scarcity The inability to satisfy all wants at the same time
Competition Rivalry between producers and sellers of goods and services that result in better quality goods and services at a lower price
Human resources time, energy, and 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 two or more individuals
Capitol resources the tools machinery factories and and money that are used in providing goods and services
Supply The amount of a good or service that producers are willing and be able to sell
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
Created by: 337148
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