Chapter 5 Vocabulary Practice - Social Studies

What is behavior?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is competition?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is demand?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is an entrepreneur?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is an incentive?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• A benefit given to get someone to take a certain action; a thing that motivates a person to do something

What is a market?

• The way in which one acts or conducts oneself

• Any place where buyers and sellers interact to trade goods and services

• How much of a good or service consumers want to buy

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is price?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• The amount of money required as payment for a good or service

• A person who takes the risk to organize resources to produce a new or better good or service in hopes of gaining a profit

What is supply?

• The way in which one acts or conducts oneself

• A situation where multiple people or organizations try to outperform each other

• How much of a good or service consumers want to buy

• How much of a good or service is produced or is available at a certain price