economies
The state runs and owns everything.
What is a command economy?
This is used to create goods and services.
What are resources?
Multiple owners share products with some legal protections.
What are corporations?
This is what you earn.
What is profit?
What is opportunity cost?
This gets passed on for generations, e.g., from a farmer father to a farmer son.
What is a traditional economy?
What are natural resources?
This often includes law and architecture firms.
What are partnerships?
This is the amount of something and how much people want it.
What is supply and demand?
This is a place where people exchange goods or services.
What is a market?
This is the polar opposite of a command economy.
What is a free market economy?
Examples include drycleaning, car repair, and doing nails.
What are human resources?
This has one owner.
What is sole proprietorship?
What is price?
This is the theory that consumers have power in deciding what comes to the market and what does not.
What is consumer sovereignty?
This is a free market economy with government protections.
What is a mixed economy?
Examples include human-made things, such as a screwdriver.
What are capital resources?
This means owning a business with full responsibility for running it.
What is proprietorship?
This is when there is not enough to go around.
What is scarcity?
This is the making of goods and services from resources.
What is production?
This is everything that has to do with making, using, and paying for goods and services.
What is an economy?
What are entrepreneurial resources?
This includes big companies, like McDonalds.
What is a corporation?
What is consumption?
This is someone who consumes
What are consumers?