EC-070
This is the money a business has left over after all the bills are paid.
What is Profit?
These are physical items you can touch, like a phone or a pair of shoes.
What are Goods?
These are the people who do the work at a business.
What is Labor (or Human Resources)?
This is the fundamental problem: there isn't enough of anything for everyone to have what they want.
What is Scarcity?
As the price of a toy goes up, people usually buy fewer of them.
What is the Law of Demand?
This is the idea that a business should help the community, not just make money.
What is Social Responsibility?
These are tasks people pay others to do, like a haircut or a car wash.
What are Services?
This resource includes "gifts of nature" like water, oil, and land.
What are Natural Resources?
In this type of economy, the government tells businesses what to make and how much to charge.
What is a Command Economy?
This happens when the amount of product available perfectly matches the amount people want to buy.
What is Equilibrium?
This is a set of "right vs. wrong" rules that a business follows.
What is a Code of Ethics?
These are goods that are used up quickly, like food or gasoline.
What are Consumable Goods?
These are the "man-made" things used to run a business, like computers, trucks, and tools.
What are Capital Resources?
If you spend $10 on a movie instead of a pizza, the pizza is considered this type of "cost."
What is Opportunity Cost?
This is the term for having "too much" of a product left on the shelves because the price was too high.
What is a Surplus?
These are the rules the government makes to keep businesses fair and safe.
What are Regulations?
Items that go together, like peanut butter and jelly, are called this.
What are Complementary Goods?
This is the person who takes a risk to start and own a new business.
What is an Entrepreneur?
This is the total value of all the "stuff" a country makes in one year.
What is GDP?
This is the term for a "shortage," or when customers want more of an item than a store has in stock.
What is Scarcity (or Shortage)?
This group of people includes anyone "affected" by a business, like neighbors and customers.
What are Stakeholders?
This is the "extra" happiness or use you get from buying one more of something.
What is Marginal Utility?
This specific type of capital refers to the education and training a worker has.
What is Human Capital?
This is a "down period" in the economy, where people lose jobs and spend less.
What is a Recession?
On a standard economic graph, the Supply curve usually moves in this direction.
What is Upward?