First 10 Words - Vocab Test Friday 2-8-19
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| Economics | The study of how people and societies cope with having unlimited wants and desires but limited resources to fulfill them.
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| Scarcity | The lack of a desirable resource or commodity that forces people to choose how to utilize it. Garbage and disease are not scarce because they’re undesirable. Sunshine is not scarce because we don’t give up anything to get it. Time and money are scarce.
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| Market Economy | An economic system in which individuals choose what to produce, how to produce and how to distribute goods and services.
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| Opportunity Cost | The highest valued alternative not taken in an economic decision. If I come to school I give up the ability to stay in bed, my opportunity cost.
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| Entrepreneurship | In a market economy, individuals who are willing to take on the risk of developing, producing and delivering a good or service to the market.
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| Capital | Financial Capital is the money necessary to start and grow a business. Real (Physical) Capital is the tools, technology, and equipment used in the production of goods and services.
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| Capitalism | An economic system in which goods are produced and the means by which income and profit are distributed. Features private ownership of the means of production (such as factories, offices, and shipping enterprises)
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| Revenue | The income earned from the sale of a good or service.
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| Profit | What’s remaining when you subtract the costs of producing a good or service from the revenue earned from the sale of that good or service.
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| Incentives | The motivation to make a particular choice, a reward that leads to a particular behavior. Punishment and higher taxes are a disincentive.
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