Economics Vocabulary

Monopoly

Stock

Labor

Capital

Corporation

Partnership

Nonprofit Organization

Sole Proprietorship

Scarcity

Capital

Goods

Natural Resources

Mass Production

Capitalism

Free Market

Gross Domestic Product

shares of ownership

a business that is

recognized as a separate

legal entity

a small business owned by

one person

a business in which two or more share the

responsibilities, cost,

profits and losses

corporate profits paid to

stockholders based on the

number of shares they own

Goods

Stock

Profit

Capital

Profit

Gross Domestic Product (GDP)

Mass Production

Capitalism

businesses will produce

more products when they

can sell them at a higher

price

buyers will want a greater

quantity of a good when its

price is low

process of making goods

and services available to

consumers and convincing

them to buy a product

economic system in which

the productive resources

are owned by private

citizens

a person who organizes,

manages, and assumes the

risks of a business

manufactured items that consumers can buy and own

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

products that are not physical objects

person who buys or uses goods and services

the manufactured goods used to make other goods and services

the lack of a particular

resource

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

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

business owners may

operate however they

see fit , with little

interference from the

government