Vocab
Things that people make or grow to sell
Goods
Things that people do for others
Services
Type of business with one owner who takes all the risk and makes all the profit
Proprietorship
Workers and their knowledge, skills and physical abilities
Human Resource
The amount of a good or service that consumers are willing and able to buy at different prices
Demand
Factors of production (stuff) that is used to make goods and services
Resources
People who make and sell things
Producers
A form of business organization with two or more owners who share the risks and the profits.
Partnership
Things from nature used to make goods and services (land, water, wood)
Natural Resources
The amount producers are willing and able to offer for sale at each possible price
Supply
People who buy and use things
Consumers
There is not enough of something to satisfy everyone
Scarcity
Someone who starts their own business
Entrepreneur
Tools and equipment that are used to make goods and services (factories, tools)
Capital Resources
Something that motivates you to do something
Incentive
Selecting something from a set of possible alternatives
Choice
The study of the production, consumption, and transfer of money
Economics
A person who takes a risk to produce and sell goods and services in search of profit
Entrepreneur
Resources that can be produced again after it is used up
Renewable Resource
The money you have made after all of your expenses have been paid
Profit
What is given up when a choice is made
Opportunity Cost
The reason we have to make economic choices
Scarcity
A form of business organization that is authorized by law to act as a legal entity (thing) regardless of the number of owners. Owners share the profits. Owners can only lose the amount of their investment.
Corporation
Resources that cannot be produced again after it is used up
Non-Renewable Resources
Determined by the interaction of supply and demand
Price