Fast & Curious Economics

market economy

• all human effort, skills, and abilities used to produce goods and services.
• an economic system in which the productive resources are owned by private citizens.
• one in which economic decisions are made by people trying to do what is best for themselves and their families.
• a business in which two or more people share the responsibilities, costs, profits, and losses.

free market

• shares of ownership.
• corporate profits paid to stockholders.
• people who buy corporate stocks.
• the right to buy and sell goods as you want.

profit

• a type of business that is recognized as a separate legal entity.
• small business owned by one person.
• the money a business has left after it has paid its expenses.
• the right to buy and sell goods as you want.

scarcity

• states that buyers will want more of a good when price is low.
• found on or in the Earth or Earth's atmosphere.
• the right to buy and sell goods as you want.
• occurs when there are not enough resources to meet peoples' wants.

law of supply

• states that businesses will produce more products when they can sell them at higher prices.
• states that buyers will want more of a good when price is low.
• what a company has if they're the only company selling a product.
• a type of business that is recognized as a separate legal entity.

law of demand

• small business owned by one person.
• states that buyers will want more of a good when price is low.
• the right to buy and sell goods as you want.
• manufactured goods used to make other goods and services.

free enterprise

• a business in which two or more people share the responsibilities, costs, profits, and losses.
• states that businesses will produce more products when they can sell them at higher prices.
• one in which economic decisions are made by people trying to do what is best for themselves and their families.
• principle that allows business owners in a free market are allowed to run their business in any way they see fit, with little government interference.

capitalism

• occurs when there are not enough resources to meet peoples' wants.
• found on or in the Earth or Earth's atmosphere.
• what a company has if they're the only company selling a product.
• an economic system in which the productive resources are owned by private citizens.

monopoly

• the right to buy and sell goods as you want.
• found on or in the Earth or Earth's atmosphere.
• small business owned by one person.
• what a company has if they're the only company selling a product.

sole proprietorship

• corporate profits paid to stockholders.
• shares of ownership.
• people who buy corporate stocks.
• small business owned by one person.