Economics Study Guide Flashcards
1
Q
Identfy opportunity cost
A
Choices in buisness ,, deals with money
2
Q
Define consumer sovereignty
A
Definition
The power of consumers to determine what goods and services are produced
3
Q
Define proprietorship
A
A type of buisness that is own by a family
4
Q
Define Incentive
A
An incentive is something that motivates an individual to perform an action.
