Vocab Flashcards
scarcity
Not enough
Entrepreneurial resources
using creative resources to make a product or service
Public
owned of provided by the government
profit
money earned after all costs of producing a good have been made
Capital resources
physical resources that can be used over and over when producing a good service
Incentive
reward offered to persuade people to change economic behavior
Consumer Sovereignty
Buyers purchases determine what goods and services are produced
Natural resources
Items from nature used in make in product or service
Production
Combining resources to make good or provide services
Supply
The amount of good or services producers are willing and sell at a given price
Private
Owned or provided by individuals or businesses
resources
factors of production that are use in the production of goods and services
Human resources
people who make the products
Price
How much it costs to consume a good/service
Competition
rivalry between producers for consumers resulting in better quality goods
Economic system
The system in which nations make choices because not all wants and needs can be satisfied
