Economics Vocabulary

The inability to satisfy all wants at the same time

• Supply

• Scarcity

• Choice

• Incentives

Using goods and services

• Consumption

• Consumer Sovereignty

• Corporation

• Competition

What is given up when a choice is made

• Choice

• Profit Motive

• Price

• Opportunity Cost

Individuals and businesses have the right to own real and personal property, as well as the means of production, without government interference

• Partnership

• Private Property

• Entrepreneur

• Proprietorship

Markets allowed to operate without interference from the government

• Partnership

• Interaction of Supply and Demand

• Free Enterprise

• Resources

Earnings after all expenses have been paid

• Profit Motive

• Supply

• Price

• Demand

Form of business with two or more owners who share the risks and profit

• Proprietorship

• Entrepreneur

• Corporation

• Partnership

The amount of a good or service producers are willing and able to offer for sale at each possible price during a given period of time

• Demand

• Supply

• Profit Motive

• Private Property

Someone who takes a risk to produce goods and services in search of a profit

• Partnership

• Corporation

• Proprietorship

• Entrepreneur

The amount of money exchanged for a good or service

• Production

• Price

• Interaction of Supply and Demand

• Incentives