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Unit 9 Vocab

TermDefinition
Aspiration hopes or ambitions of achievement; goals.
Budget a plan for spending money
Capital Resource any good/resource used to make another
Central government owned/controlled
Choice selecting an item or action from a set of alternatives
Competition rivalry between producers of goods/services that create lower prices and better quality
Consumer Sovereignty consumers determine through purchases what good will be produced
Contract written or oral agreement enforceable by law
Demand amount of a good/service consumers are willing to buy at a certain price
Economics study of how things are made, bought, used, and sold
Entrepreneurship ownership of a new business
Fiscal relating to government revenue (esp. taxes)
Guarantees protection/promise of content quality (ie. money back)
Opportunity Cost what is given up when a choice is made
Production combining resources to make goods/services
Private Sector the part of the economy not under government control (ie business and private property)
Profit earnings after all expenses have been paid
Public Sector the part of the economy under government control (ie. roads, schools, military)
Resources factors of production used to make goods/services (things used to make stuff)
Scarcity the inability to satisfy all wants at the same time
Self Assessment evaluation of one’s actions, attitudes, and abilities prior to making a career choice
Technological Advancements new technologies
Warranties a written guarantee, issued by a manufacturer promising to replace/repair a good within a specific time period if necessary
Work Ethic idea that hard work is virtuous and leads reward
Created by: 1545339
Popular Ecology sets

 

 



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