Economics Vocabulary

if one company is the only one selling a product or providing a service

• Monopoly

• Stock

• Labor

• Capital

business organization provides goods and services without seeking to earn a profit for stockholders

• Corporation

• Partnership

• Nonprofit Organization

• Sole Proprietorship

can be found on or in the Earth or in Earth's atmosphere

• Scarcity

• Capital

• Goods

• Natural Resources

rapid production by machine of large numbers of identical objects

• Mass Production

• Capitalism

• Free Market

• Gross Domestic Product

Match the following

• a small business owned by

  one person

• Sole Proprietorship

• a business that is

  recognized as a separate

  legal entity

• Partnership

• shares of ownership

• Stock

• a business in which two or more share the

  responsibilities, cost,

  profits and losses

• Dividends

• corporate profits paid to

  stockholders based on the

  number of shares they own

• Corporation

the money a business has left after it has paid its expenses

• Goods

• Stock

• Profit

• Capital

dollar value of all goods and services produced annually in a country

• Profit

• Gross Domestic Product (GDP)

• Mass Production

• Capitalism

Match the following

• businesses will produce

  more products when they

  can sell them at a higher

  price

• Law of Supply

• a person who organizes,

  manages, and assumes the

  risks of a business

• Marketing

• economic system in which

  the productive resources

  are owned by private

  citizens

• Capitalism

• process of making goods

  and services available to

  consumers and convincing

  them to buy a product

• Law of Demand

• buyers will want a greater

  quantity of a good when its

  price is low

• Entrepreneur

Match the following

• manufactured items that consumers can buy and own

• Services

• the manufactured goods used to make other goods and services

• Consumer

• person who buys or uses goods and services

• Labor

• all human effort, skills and abilities used to produce goods and services

• Goods

• products that are not physical objects

• Capital

Match the following

• business owners may

  operate however they

  see fit , with little

  interference from the

  government

• Free Market

• the lack of a particular

  resource

• Free Enterprise

• allows people to obtain goods and services in almost any way they want

• Scarcity

• you have the right to buy and sell goods as you like

• Market Economy