Economics
interdependence
Dependence on others for goods and services; occurs as a result of specialization.
types of competition
Different ways you compete with other people
good
Objects that can satisfy people's wants.
Economics
Social science concerned with the efficient use of limited resources to achieve maximum satisfaction of economic wants.
Profit
The difference between total revenues and the full costs involved in producing or selling a good or service; it is a return for risk taking.
entrepreneurship
The human resource that assumes the risk of organizing other productive resources to produce goods and services.
Wage
The payment resource earners receive for their labor.
law of demand
The principle that price and quantity demanded are inversely related.
Law of supply
The principle that price and quantity supplied are directly related.
Human resource
The quantity and quality of human effort directed toward producing goods and services
surplus
The situation resulting when the quantity supplied exceeds the quantity demanded of a good or service, usually because the price is for some reason below the equilibrium price in the market.
Salary
a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee, especially a professional or white-collar worker.
Dividend
a sum of money paid regularly (typically quarterly) by a company to its shareholders out of its profits (or reserves).
Quality competition
better for more money though it is like custom made for your likings
Service competition
better person for the job that needs to be done
Efficiency of production
how quick and the effort put into making it
unlimited liability
is not capped at a maximum amount and exists regardless of the amount of investment each owner has personally made. If the business is unable to meet any financial obligations or settle any outstanding liabilities, the owner's personal assets can be seized to satisfy the debts.
sole proprietorship
is the simplest business form under which one can operate a businessis. not a legal entity. It simply refers to a person who owns the business and is personally responsible for its debts.
Lower prices
less money
scarce
limited quantities of resources to meet unlimited wants
Interest
money paid regularly at a particular rate for the use of money lent, or for delaying the repayment of a debt.
Greater quantity and variety
more too choose from
rent
pay someone for the use of (something, typically property, land, or a car).
opportunity cost
the amount of other products that must be foregone or sacraficed to produce a unit of a product
Better Quality
the product is better than normal
consumption
the total spending, by individuals or a nation, on consumer goods during a given period.
partnership
A business organization in which two or more individuals manage and operate the business. Both owners are equally and personally liable for the debts from the business.
corporation
A legal entity that is separate and distinct from its owners.
demand
A schedule of how much consumers are willing and able to buy at all possible prices during some time period.
supply
A schedule of how much producers are willing and able to sell at all possible prices during some time period.
renewable
Able to be recreated
service
Activities that can satisfy people's wants.
Productive resource
All natural resources (land), human resources (labor), and human-made resources (capital) used in the production of goods and services.
nonrenewable
Cannot renew himself
natural resource
Gifts of nature" that are used to produce goods and services. They include land, trees, fish, petroleum and mineral deposits, the fertility of soil, climatic conditions for growing crops
capital resource
Goods made by people and used to produce other goods and services. Examples include buildings, equipment, and machinery.
Plentiful
Have more than what you need of something
