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