Category 1 | Category 2 | Category 3 | Category 4 | Category 5 |
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What is allocation?
The distribution for a particular purpose
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What is an entrepreneur?
A person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so
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What is the potential loss from a missed opportunity?
The potential loss from a missed opportunity
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What is Specialization?
The process wherein a company or individual decides to focus their labor on a specific type of production
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What is a corporation?
a legal entity that is separate and distinct from its owners
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What is barter?
The action or system of exchanging goods or services without using money
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What are the factors of production?
Inputs needed for creating a good or service, and the factors of production include land, labor, entrepreneurship, and capital
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What is a producer?
Someone who creates and supplies goods or services
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What is a trade-off?
The fact that budgeting inevitably involves sacrificing some of X to get more of Y
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What is the Federal Reserve Bank?
The central bank of the United States
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What is a consumer?
A person who purchases goods and services for personal use?
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What are goods?
A commodity or service that is useful to man but that must be paid for
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What is a resource?
A stock or supply of money, materials, staff, and other assets that can be drawn on by a person or organization in order to function effectively
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What is value?
The worth of a good or service determined by people's preferences and the trade-offs they choose given their scarce resources
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What is allocation?
The distribution for a particular purpose
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What is credit?
The ability of a customer to obtain goods or services before payment, based on the trust that payment will be made in the future
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What is human resource?
The knowledge, skill, training, and experience that individuals need to produce goods and services within their economy
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What is scarcity?
The state of being in short supply
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What is a sole proprietorship?
An unincorporated business owned and run by one individual with no distinction between the business and you, the owner
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What is barter?
The action or system of exchanging goods or services without using money
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What is economics?
The branch of knowledge concerned with the production, consumption, and transfer of wealth
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What is money?
A commodity accepted by general consent as a medium of economic exchange
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What is service?
An economic activity offered as a product
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What is a partnership?
An arrangement between two or more people to oversee business operations and share its profits and liabilities
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What is a consumer?
A person who purchases goods and services for personal use
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