Civics economics Flashcards
Choice
Selecting an item or action from a set of possible alternatives. Individuals must choose/make decisions about desired goods and services because those goods and services are limited
Competition
Rivalry between producer/sellers of a good or service result in better quality goods and services at a lower price
Consumption
Using goods and services. Consumer preferences and price determine what is purchased
Demand
Yeah amount of a good or service that consumers are willing and able to buy at a certain price
Entrepreneur
A person who takes a risk to produce goods and services in search of profit
Goods
Tangible products a parentheses things you can hold in your hand) that satidfies my needs and wants
Incentives
Things that insight or motivate these are used to change economic behavior
Market
Place for buyers and sellers interact
Opportunity cost
What is given up on a choices made. The highest valued alternative given up. Individuals must consider the value of what is given up and making a choice
Price
The amount of money exchanged for a good or service. Interaction of supply and demand to determine a price. Price determined who acquires goods and services
Production
The combining of human, natural, capital, and entrepreneurship resources to make goods or provide services. Research is available and consumer preferences determine what is produced
Profit
Earnings after all expenses have been paid
Resources
Factors of production that are used in the production of goods and services. Types of resources are natural human capital and entrepreneurship
Scarcity
The inability to satisfy all ones at the same time. Our resources and goods are limited. This requires that choices be made
Services
Work that is performed for someone else
