Terms in this set (20)
A form of business organization with one owner who takes all the risks and gets all the profits.
Supply and Demand
Markets are allowed to operate without undue interference from the government.
What is given up when a choice is made.
Rivalry between producers/sellers of a good or service that results in better quality and/or lower prices.
Factors that are used in the production of goods and services (human, natural, capital, entrepreneurship)
A person who takes a risk to produce goods and services in search of profit
The amount of money exchanged for a good or service
the most common economic system in the world today (USA has this type)
type of economic system would you find in a county led by a dictator (North Korea has this type)
Individuals and businesses have the right to own personal property.
Things that incite or motivate; used to change economic behavior.
Consumers determine through purchases what goods and services will be produced.
Selecting an item or action from a set of possible alternatives.
A form of business organization that is authorized by law to act as a legal person regardless of the number of owners.
The combining of human, natural, capital and entrepreneurship resources to make goods and services.
A form of business organizations with two or more owners who share the risks and the profits.
Using goods or services.
The inability to satisfy all wants at the same time.
Earnings, or what is left after all expenses have been paid
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