BizTown Vocabulary #1

Human made resources

• market

• community

• profit

• capital

A system to buy and sell goods, services, and resources

• market

• scarcity

• philanthropy

• opportunity cost

People not being able to have everything they want due to limited resources

• capital

• enterprise

• scarcity

• circular flow

A place where people live, work, trade, and share

• enterprise

• community

• business

• capital

An organization or task

• enterprise

• market

• opportunity cost

• capital

A model for the movement of goods, services, resources, and money in an economy

• market

• community

• enterprise

• circular flow

Money that is leftover after all costs are covered

• market

• business

• opportunity cost

• profit

A company that sells goods and/or services

• capital

• business

• philanthropy

• market

An effort to help people through charitable giving

• philanthropy

• community

• business

• market

A choice to give up the next best item to receive an item you value more - the item you leave behind

• scarcity

• capital

• enterprise

• opportunity cost