Economics Volcab
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Incentives | things that incite or 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
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| Free Market Economy | , prices for goods and services are set freely by the forces of supply and demand and are allowed to reach their point of equilibrium without intervention by government policy.
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| Traditional Economy | economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution.
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| Corporation | a separate, legal entity guided by a group of officers known as the board of directors.
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| Partnership |
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| Limited Liability | a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a company or partnership
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| Marketing | the action or business of promoting and selling products or services, including market research and advertising.
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| 16th Amendment | Allows governmment to levy taxes
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