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17 Cards in this Set
- Front
- Back
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scarcity |
the inability to satisfy all wants at the same time. |
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resources |
factors used in production of goods and services |
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choice |
selecting an item or action from a set of possible alternatives. |
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opportunity cost |
what is given up in a choice |
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price |
amount of money exchanged for goods or services |
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incentives |
things that motivate |
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supply and demand |
determines price |
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supply |
amount of goods/services producers are wiling to sell at a certain price. |
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demand |
amount of goods/services consumers are wiling to buy at a certain price.
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production |
combining of human, natural, capital, and entrepreneurship resources to make goods and services |
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consumption |
using goods and services |
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consumer sovereignty |
consumers determine through consumers what goods and services will be produced |
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free markets |
markets are allowed to operate without interference from gov. |
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entrepreneurship |
person who takes risks to produce goods & services in search of profit |
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proprietorship |
form of business organization with one owner who takes all risks and gets all money |
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partnership |
form of business organization with two or more owners who share risks and profits
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corporation |
form of business organization authorized by law to act as a legal person regardless of the number of owners. owners share profits, and liability is limited
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