Civics words Flashcards
Capital
Capital
Money invested in buisness, property, and equipment used to produce goods or services
Capitalism
An economic system based on private ownerships of the means of production
Corporation
A buisness organization chartered by the state gov and given power to conduct buisness, sell stock, and receive protection of state laws
Dividends
Profits paid to corporate stock holders
Free Enterprise
A principle that business owners in a free market are allowed to run their business as they see fit with little government interference
Free Market
An economic system in which buyers and sellers are free to exchange goods and services as they please
Labor
Human effort used to make goods and services
Market Economy
An economic system in which individuals are free to compete, earn a living/profit, or to own property
Natural Resources
Any natural resource used by humans (minerals, water, animals)
Non-Profit Organization
Business organizations that give goods or services without seeking to earn a profit
Stock
A share of ownership in a corporation
Supply & Demand
When demand is high, price is increased
4 Factors of Production
Land, Labor, Capital, and Entrepreneurship
3 Factors That Weaken The Economy
Unemployment, Significant Inflation and Political Instability
Government Regulations meaning and list
Rules that control how the gov operates; Tariffs (Import tax if from other country), Licensing, Anti-Trust laws, and Consumer Protection laws
If supply/demand goes down
Demand/supply goes up
How would you apply the 4fop these to a clothing company
Land- Factories and stores, Labor- Humans sew the clothes, Capital- Sewing machines, labor, fabrics and clothing decorations, Entrepreneurship- Advertising for jobs and creating clothing ideas
