Incentive - something that motivates, Private property ownership - fundamental feature of capitalism/free enterprise system, which allows individuals to own and control their possessions as they wish; includes both tangible and intangible property. One of the incentives of a free enterprise system., Free enterprise - an economic system in which privately owned businesses have the freedom to operate for a profit with limited government intervention, Opportunity cost - cost of the next best alternative use of money, time, or resources when one choice is made rather than another, Goods - tangible economic products that are useful, transferable to others, and used to satisfy wants and needs, Services - work or labor performed for someone; economic product that includes haircuts, home repairs, and forms of entertainment, Sole proprietorship - unincorporated business owned and run by a single person who has rights to all profits and unlimited liability for all debts of the firm; most common form of business organization in the United States. Characterized by unlimited liability, difficult to raise capital, no special taxes, complete ownership, easy to manage., Corporations - form of business organization recognized by law as a separate legal entity with all the rights and responsibilities of an individual, including the right to buy and sell property, enter into legal contracts, and to sue and be sued, characterized as having limited liability., Scarcity - fundamental economic problem facing all societies resulting from a combination of scarce resources and people’s virtually unlimited wants, Comparative advantage - country’s ability to produce a given product relatively more efficiently than another country; production at a lower opportunity cost, Tariff - tax placed on an imported product, Non-price determinant - based on a product’s appearance, quality, or design, rather than its price; consumer preferences, Supply curve - a graph that shows the quantities supplied at each and every possible price in the market, Demand curve - graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time, Law of supply - principle that more will be offered for sale at higher prices than at lower prices, Law of demand - rule stating that more will be demanded at lower prices and less at higher prices; an inverse relationship between price and quantity demanded, Equilibrium price  - price when quantity supplied equals quantity demanded; price that clears the market, Investments - A conservative allocation is low risk. A moderate allocation has medium risk. An aggressive allocation has greater risk. The higher risk, the higher the probability of a high return., Credit score - It’s a number from 300 to 900 that shows how responsible you’ve been with your finances—recently and in the past. The higher your score is, the more likely you are to get credit and a low interest rate., Financial institutions - group that channels savings to investors; includes banks, insurance companies, savings and loan associations, credit unions; functions include to provide access to capital for people and businesses, Economic growth - increase in a nation’s total output of goods and services over time; characterized by decrease labor needed to increase inventories and increased productivity., Role of government in free enterprise - product safety, Expansion in business  - period of uninterrupted growth of real GDP, industrial production, real income, and employment lasting for several years or more; recovery from recession; characterized by low unemployment., Social Security - federal program of disability and retirement benefits that covers most working people; is both a federal revenue and expenditure., new manufacturing technologies - affects economic growth by increasing productivity of labor, Debit card - advantage - no cash and is faster than writing a check. Because the money is transferred immediately from your account to the merchant’s account, there is a lot less paperwork for you, the bank, and the merchant., Savings program - set financial goals; Most successful investors invest consistently over long periods;, Consumer demand - determines how much to produce,

Review for EOY Economics 23-24

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