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Economics cards

TermDefinition
incentives things to entice or motivate
consumer soverignty consumers determine through purchases what goods and services will be produced
Price the amount something costs
Profit earnings after everything has been paid for
circular flow stuff flowing through the economy
Opportunity cost a high value alternative
sole proprietorship a business owned by one person
Private property property owned by a individual or buisness
Resources Factors of production
production the combining of recources
Entrepenuer a person who takes risks to make a profit
scarcity the lack of sufficient ability to fulfill wants
Competition rivalry between producers and sellers of goods
Human recources resources needed and used by humans
Corporation A large buisness
natural recources resources found in nature
Consumption the using of goods
choice selecting an item
Partnership a business owned by 2 or more people
Capital resources the tools and machinery used for providing goods and services
supply the amount of services that are availible
Demand the amount of services wanted by the public
Consumers people who buy products
Producers people who make products
Economy The management of the resources in the country
Created by: 423436
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