CE.13-14 & 11A

The inability to satisfy all wants at the same time. Resources and goods are limited, so choices must be made.

• production

• consumption

• scarcity

• price

The amount of money that is exchanged for a good or service

• production

• scarcity

• choice

• price

Things that come from nature used to produce goods and other services.

• natural resources

• human resources

• capital resources

• entrepreneurship

The using of goods and services

• choice

• consumption

• incentives

• resources

What is given up when a choice is made. The highest valued alternative not chosen.

• entrepreneurship

• choice

• scarcity

• opportunity cost

The people that make or sell goods or provide services.

• capital resources

• human resources

• natural resources

• entrepreneurship

The ability to create and manage a business. A willingness to take risks to make money.

• entrepreneurship

• capital

• production

• consumption

The process of “looking at oneself in the mirror” and examining one’s talents, skills, and aspirations.

• Self-Reflection

• Self-Assessment

• Self-Analysis

• Self-Promotion

Define warranty-

• A legal claim to ownership

• A contract enforceable by law

• Legal guarantee that a product will work the way it is supposed to.

• A rule that everyone must follow, including government officials.

Define the Federal Reserve System

• A tax based on individual or family income.

• The central bank of the United States Government.

• A business organization that facilitates the exchange of money and currency

• A situation where one business controls all or almost all of the sales of a product.