Economic resource
Blank is a social science concerned with the production, distribution and consumption of goods and services.
Economics
____a system supplying a public need such as transport, communications, or utilities such as electricity and water.
Service
____means by which countries and governments distribute resources and trade goods and services
Economic System
____a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
Entrepreneur
____ is a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
Profit
___ mean that one alternative is selected over another
Choices
____ is a balance achieved between two desirable but incompatible features; a compromise.
Trade off
___economic system based on supply and demand with little or no government control
Free market System
____is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests.
Partnership
____ is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise
Revenue
What are the four factors of production/resources?
Land, labor, capital and entrepreneurship
____ is an original economic system in which traditions, customs, and beliefs help shape the goods and the services the economy produces, as well as the rules and manner of their distribution
Traditional Economics
____is an economic system in which the government controls and regulates production, distribution, prices, etc." but a ___ economy, while also having this type of regulation, necessarily has substantial public ownership of industry.
Command/Planned Market system
____ is a company or group of people authorized to act as a single entity (legally a person) and recognized as such in law
Corporation
____ is a cost that does not change with an increase or decrease in the amount of goods or services produced or sold
Fixed cost
____the state of being scarce or in short supply; shortage.
Scarity
____ is the loss of potential gain from other alternatives when one alternative is chosen.
Opportunity cost
____ is a good that does not quickly wear out,
Durable Good
____ is the simplest business form under which one can operate a business
Sole Proprietorship
____describes the total economic cost of production and is made up of variable costs.
Total cost
____are materials that satisfy human wants and provide utility
Goods
What are the four basic economic questions?
1) what goods and services and how much of each to produce, (2) how to produce, (3) for whom to produce, and (4) who owns and controls the factors of production
____products that are consumed or are only useable for a short period of time because they wear out or become useless
Non Durable Goods
____ is a business granted tax-exempt status by the Internal Revenue Service (IRS). ...
Non Profit Organization
____ is a cost that varies with the level of output.
Variable Cost