Economics
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Incentives | Things that motivate you to change your economic behavior
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| Consumer sovereignty | Consumers determine through purchases
what goods and services will be produced
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| Price | The amount of money exchanged for a good or
service
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| Profit | Consists of earning after all expenses have
been paid
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| Circular flow | Resources, goods, services, and money flowing
throughout the economy
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| Opportunity cost | What is given up when a choice is made- the
highest valued alternative
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| Sole proprietorship | A business owned by one person who takes all
of the risks and all of the profits
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| Private property | Property owned by individuals and businesses
for use without undue interference by the
government
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| Resources | Factors of production that are used in the
production of goods and services
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| Production | The combining of human, natural, capital, and
business resources to make goods and
services
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| Entrepreneur | A person who takes a risk to produce goods
and services in search of a profit
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| Scarcity | The inability to satisfy all wants at the same
time
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| Competition | Rivalry between producers and sellers of
goods and services that results in better
quality goods and services at a lower price
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| Human resources | Time, energy, and skills needed to produce
goods and services
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| Corporation | A large business with many owners called
stock holders
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| Natural resources | The resources from the land that are needed
to produce goods and services
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| Consumption | Using goods and services
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| Choice | Selecting an item or action from a set of
alternatives
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| Partnership | A form of business owned by 2 or more
individuals who share all of the risks and
profits
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| Capital resources | The tools, machinery, factories and money
that are used in providing goods and services
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| Supply | The amount of a good or service that
producers are willing and able to sell at a
certain price
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| Demand | The amount of a good or service that
consumers are willing and able to buy at a
certain price
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| Consumer | People who buy and use products
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| Producer | People who use resources to provide goods
and services
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| Economy | The management of the resources of a country
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| Command economy | An economy in which production, investment, prices, and incomes are determined centrally by a government
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| Mixed Market Economy | An economic system in which both the private enterprise and a degree of state monopoly exist together
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| Free Market Economy | An economy where the government imposes few or no restrictions and regulations on buyers and sellers
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| Traditional Economy | Relies on history and time beliefs
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| Corporation | Many people that work and act like one
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| Partnership | A partnership is a formal arrangement in which two or more parties cooperate to manage and operate a business.
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| Limited liability | Limited liability is where a person's financial liability is limited to a fixed income
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| Marketing | Marketing is the study and management of exchange relationships.
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| 16th Amendment | The Congress shall have power to lay and collect taxes on incomes, from whatever source derived, without apportionment among the several States, and without regard to any census or enumeration.
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Created by:
Ian Johnson
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