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value
The worth of economics in dollars and cents. Something’s are worth more than other things
Corporation
form of business organization recognized by law as a separate legal entity having all the
rights of an individual.
Partnership
¥ unincorporated business owned and operated by two or more people who share the profits and
have unlimited liability for the debts and obli
Scarcity
¥ A fundamental economic problem that has to do with all societies that results from a
combination of a few resources and peoples unlimited
Human capital
The sum of skills, abilities, health, and motivation of people who invest in productivity
contributing.
Opportunity cost
onsequences of making choices. Ex: having a free period instead of doing creative worship.
Capitalism
Is a system where private citizens, many of whom are entrepreneurs, own the factors of
production.
Consumers
A person who uses goods and services to satisfy wants and needs
Sole proprietorship business
ran by a single person who has rights to all profits and unlimited liability for all debts of the
firm, most common form of business organiz
Inflation
rise in the general level of prices.
Needs v. wants
a need is something you need to survive (Food, clothing, shelter) a want is something that you
don’t exactly need but would like.