Economics vocab 2

1.  Relationship between the quantity of products and the perceived desire from consumers to purchase that product.

• Supply and demand

• Equilibrium point

• Surpluses

• Private Property

1. A single seller or producer that excludes competition from providing the same product. A monopoly can dictate price changes and creates barriers for competitors to enter the marketplace.

• Monopoly

• Equilibrium point

• Supply and demand

• Competition

1. The freedom of individuals and businesses to regulation. It enables individuals and businesses to create, produce, are able and willing, enterprising people produce goods and services for produce and sell goods and services.

• Private Property

• Surpluses

• Free Enterprise System

• Price Stability

1.  The finite number of resources provided for economic activity.

• Partnership

• Sole proprietorship

• Monopoly

• Limited Resources

1.  Economic condition where market supply and demand are equal

• Supply and demand

• Equilibrium point

• Sole proprietorship

• Limited Resources

1. A type of monetary motivation that the government or businesses offer. These can be in the form of money, bonuses, tax rebates, or subsidies.

• Free Enterprise System

• Incentives

• Sole proprietorship

• Profits

1. An excess of supply.

• Partnership

• Surpluses

• Limited Resources

• Monopoly

1. The ownership of property by private parties - essentially anyone or anything other than the government.

• Profits

• Limited Resources

• Shortages

• Private Property

1. An unincorporated business that has just one owner who pays personal income tax on profits earned from the business.

• Incentives

• Sole proprietorship

• Equilibrium point

• Competition

1. A formal arrangement by two or more parties to manage and operate a business and share its profits.

• Surpluses

• Partnership

• Incentives

• Limited Resources