Science of Economics
This factor of production describes the physical space on which businesses and/or factories are built.
Land
The economy of the Kayapo people is based on hunting and agriculture, making it an example of this economic system.
Traditional economy
This economic goal has been achieved if citizens are capable of making all their own economic decisions.
Freedom
A form of business in which responsibilities are divided (not always equally) between two or more individuals.
Partnership
The value of the next best alternative to a decision you have made.
Opportunity cost
An individual who takes risks while trying to achieve economic success and innovation.
Entrepreneur
This economic system is characterized by government control of the economy.
Command economy
This economic goal has been achieved if all citizens are granted the same opportunities for success.
Equity
A form of business in which ownership and management are separate.
Corporation
The Walt Disney Company purchasing other film studios (such as Pixar) is an example of this.
Horizontal merger
The condition where unlimited human wants face limited resources.
Scarcity
A notable advantage of this economic system is the ability to drastically change the direction of the economy in relatively little time.
Command economy
This economic goal is important because of the constantly increasing population- more people means more wants.
Economic growth
Credit unions, unlike banks, provide banking services to the community without making a profit. This makes them an example of this form of business.
Co-op
Berkshire Hathaway is a corporation that owns a wide variety of companies, from Dairy Queen to Geico. This makes them an example of this term.
Conglomerate
A stapler could be considered an example of this factor of production.
Capital
A notable disadvantage of this economic system is high personal uncertainty, a condition that results from the inability to meet every citizen's basic needs.
Market economy
A high level of homelessness is most clearly an indication that this economic goal has not been achieved.
Economic security OR Employment rates
High liability, difficulty raising capital, and a potential lack of managerial experience are all disadvantages of this form of business.
Sole proprietorship
Nike has historically produced its sneakers using labor in countries such as China, Indonesia, and South Korea. As such, it is an example of this type of corporation.
Multinational
Those of you with jobs can be considered examples of this factor of production.
Labor
The principle of laissez-faire is an important aspect of this economic system.
Market economy
If the cost of producing a good outweighs the benefits of that good, then producing that good would fail to achieve this economic goal.
Efficiency
By offering these to businesses, state or federal governments can attract economic activity and/or reward preferred economic behavior.
Tax credits
I am running a business that purchases cheeseburger ingredients, makes the ingredients into cheeseburgers, and then sells those cheeseburgers to the public. However, I recently bought the company that produces the meat for my burgers. My actions are an example of this term.