Biztown Unit 1
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15 terms
Terms | Definitions |
|---|---|
 business | a company that sells goods and services |
| capital | resources made by people |
| circular flow | a model that shows how good, services, resources and money move in an economy |
| community | a place where people live, work, trade and share |
| enterprise | a business organization |
| markets | a system where people and busineses buy and sell goods, services and resources |
| natural resource | things used in production that occur naturally in the world |
| nonprofit organization | institution developed for the well-being of others |
| opportunity cost | value of the next best alternative when a choice is made |
| philanthropy | an effort to increase the well-being of people through giving |
| private goods and services | goods and services exchanged in a a market for a price |
| public goods and services | goods and services that provide benefits for many people, but people may not be restricted from using them |
| profit | money left over after a business pays its costs |
| scarcity | when people can't everything they want due to limited resources |
| taxes | required payments to the government |
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