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28 Cards in this Set
- Front
- Back
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Need |
Basic materials you need to survive |
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Want |
Material not needed but used to make life more comfortable |
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Service |
Work that does not produce actual product people can buy |
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Profit |
The income a business has left over after paying its expenses |
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Good |
An object that satisfies people's wants |
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Free enterprise |
Individuals have the right to make individual choices about how to use that property and their own creativity to make money (producers/consumers) |
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Entrepreneur |
Business owner |
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Substitute good |
A good that takes the place of another if the price is too high ex. Beef prices are too high too high people might choose to eat chicken |
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Complementary good |
Goods that go together ex. Car and gas |
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Resources |
The natural features of the land that people may use to live |
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Non-price determinants of demand |
Change in tastes Change in number of potential customers Change of related goods |
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Motive |
A reason to do something |
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Conglomerate |
Corporation made up of different, unrelated things |
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Merger |
The combining of two or more companies |
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Economy of scale |
The cost advantage that rises with increased output of a product |
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Subsidy |
A benefit given by the government (money or tax reduction) |
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Wants-satisfaction-chain |
Needs which give rise to wants which cause tension which give rise to action which results in satisfaction |
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Patent |
A government license that gives someone the rights to a process, design, or new invention for a period of time |
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Copyright |
The ownership of intellectual property by the item's creator ( for a certain amount of time) |
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Monopoly |
A situation where a company owns nearly or all of the market for a single item, there is no competition |
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Liability |
Something you are responsible for ex. Debts |
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Stock |
A type of security that signifies ownership in a corporation |
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Dividend |
The distribution of a portion of a company's earnings (decided by board of directors) |
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Bond |
A debt investment in which an investor loans money to a business (limited time or interest rate) |
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Equilibrium |
Condition or state in which economic forces are balanced |
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Incentive |
What motivates you to behave a certain way |
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Supply |
Total amount of goods / services available |
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Demand |
The consumers willingness or desire to pay |
