Term
Definition
Example
In a sentence
Random
100
Incentive 
What is something that encourages a person to do something, when they originally may not have wanted to.
100
A factor of production that is defined as the amount of physical, mental, and social effort used to produce goods and or services in an economy
What is Labor 
100
A maid comes and washes and cleans your clothes, cooks for you, and cleans your whole house. This is a
What is Service
100
It is hard for many poor countries to develop their ----- because they are facing such crippling debt.
Economy
100
Need VS Want
What is-A need is anything which is essential for survival. While A want is inessential for basic survival but is usually required for the fulfillment of desires.
200
Scarcity
What is the limited availability of a good or service that may be in demand in the market. Concerns a huge economic problem that human wants will always exceed the resources.
200
An individual who creates a new business, while bearing most of the risks and enjoying most of the rewards
What is an Entrepreneur
200
Over the past years, water has started to become scarce yet it is still not worth as much as the diamond. There are some reports that diamonds are starting to become more abundant. The fact that it is common should have lessened its value but it has only gotten higher over the past years.
What is Paradox Of Value
200
------ may be an excellent thing, for it means power, leisure, and liberty.
OR
Considering the brothers' remaining ------, they live fairly modestly.
Wealth
200
A system or procedure where individuals are able to exchange both goods and services.
What is Market
300
Land
What is all gift of nature/ the resource that encompasses the natural resources used in production
300
The money used for purchasing capital goods.
What is Financial Capital
300
Two firms that both have a hand in the computer market, have been engaging in a fierce battle. Doing what ever it takes to win over the most buyers.
What is Competition
300
By using computers to help make their manufacturing process more efficient, the company was able to increase its annual ------- by more than 20%
Output
300
------ ------, refers to an individual's motivation to participate in activities that will yield economic gain for them.
What is Profit Motive
400
Capital
What is assets that are used for producing goods or services.
400
The raw materials, labor, utilities, licensing fees, or even other goods used to produce an output
What is Input
400
Since 2015 Africa has seen a noticeable increase in the inflation of its market value of the goods and services that it has produced, most commonly being the tanzanite mineral.
What is Economic Growth
400
Because the machines keep malfunctioning, the company’s production ------- has gone way down.
Productivity
400
the quality and quantity of goods and services available to the people and the way these services and goods are distributed within a population Factors To Determine -------- -- ------
What is Standard Of Living
500
Good
What is a commodity that can be used to satisfy human wants and that has exchange value.
500
A situational decision that involves losing one quality, quantity or property of a set in return for gains in other aspects.
What is Trade-Off
500
If the government build a new road, then that money can’t be used for alternative spending plans, such as education and healthcare.
What is Opportunity cost
500
A number of domestic animals have some ------- for man while they are alive.
OR
He argued that the arts have great social -------
Utility
500
Consumer Sovereignty + Free Enterprise
All economic processes are ultimately focused toward satisfying the wants of the final consumer.
+
The freedom for businesses to act freely for profit in a competitive market with the government being overly involved.